Accountants Urged to Assess MTD Readiness of Their Clients

With the implementation of Making Tax Digital (MTD) for VAT looming, it’s becoming increasingly more apparent that the new digital system for managing VAT is not going to be everything HMRC promised. In fact, reality promises to be a bit more challenging than the original vision of MTD for VAT. Many accountants are not ready for Making Tax Digital however every client at More Than Accountants are fully compliant.

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Fairness of Pension Tax Relief Called into Question

Auto-enrolment was considered an important protection for lower paid workers when it was first announced a few years ago. Now that the vast majority of companies addressed by auto-enrolment have complied with the law, there is growing concern that the same people helped by auto-enrolment are now being hurt by unfair application of pension tax relief. A number of accountancy news stories reveal calls for the government to change things.

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Get Contractor Loans Settled Now on the Best Possible Terms

It was not too long ago that contractors were being offered a seemingly endless number of schemes that allowed them to take home up to 90% of their income while simultaneously reducing their tax liabilities. Known as contractor loan schemes, they offered a way to funnel contractor income through multiple channels before being returned in the form of loans. Read more

Chocolate Bar Illustrates the Complexities of VAT

There is always something to worry about for businesses when it comes to HMRC. Our tax scheme is so complicated that even the most experienced accountants are prone to having problems. A case in point is a recently settled squabble between HMRC and a company that makes chocolate bars. Who knew a chocolate bar could cause such consternation for the taxman?

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What You Need to Know about the New Welsh Rate of Income Tax

April 2019 is when the new Welsh rate of income tax (WRIT) kicks in for Welsh taxpayers. From 2019, the amount of income tax Welsh taxpayers pay will be partly determined by standard UK rates and partly by the National Assembly for Wales. If you own a business in Wales, the WRIT will definitely affect you. You need to start thinking about it now, in terms of both your accounting and the software you use for payroll.

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