The Budget contained important changes to Entrepreneur's Relief including the increase in the qualifying period to 2 years from 6 April 2019 and also cut the final period of CGT exemption for main residences from 18 months to 9 months from April 2020. The personal allowance increased to £12,500 and the 40% band will start at £50,000 from April 2019, a year earlier than previously announced.The IR35 roll out to the private sector will not happen until 2020. Any last hopes we had that Making Tax Digital for VAT will be delayed have been dashed, it still goes ahead from April 2019.
We examine Making Tax Digital for VAT which starts for in April 2019 and income tax calculations sent out by HMRC.
The newsletter also discusses Contractor loans and what needs to be done before 30 SEPTEMBER 2018 if you have loans.
Any taxpayer with overseas assets, such as a holiday or home or foreign bank account, needs to inform HMRC before 30 SEPTEMBER 2018, otherwise higher penalties of up to 200% could be levied.
We also look at the good and bad points of electric company cars and employee owned electric cars.
This quarter we look at changes to childcare support, IR35, when SMP is due, changes to the rules for termination payments and Making Tax Digital (MTD) for VAT.
We look at paying children from your business, the National Minimum Wage and directors and Scottish income tax rates.
Please pass these on to anyone who may benefit from them.
The winter newsletter looks at HMRC's new simple assessments, NIC for the self employed and the new property allowance. We also highlight MTD for VAT coming in April 2019.
Please feel free to pass these on to anyone who you feel may benefit from them.
The Autumn Budget 2017 Newsletter contains some useful information on the Budget.
The Autumn 2017 newsletter examines what we can expect from the next Finance Bill and when these changes will take effect. We also review the latest on Making Tax Digital as well as the errors that may occur in 2016-17 income tax returns and problems with HMRC's coding notices and P800's. The newsletter also examines some myths about letting.
As always pass this newsletter to anyone who may find it useful and if you would like to discuss any of the issues in the newsletter or any other matter please contact us.
The Summer 2017 newsletter contains useful updates on MTD and items dropped from the Budget due to the General Election. Should you have any questions regarding anything contained in the newsletter or any other tax or accounting matter please contact us.
The Spring Budget 2017 Newsletter contains some useful information on the Budget.