As a taxpayer, you should be aware of the latest phishing scam that you might discover on your inbox. This is in connection with the fourth SEISS (Self-Employed Income Support Scheme) grant that is recently opened for claims.
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Revenue and Customs – Brief 13: Changes to VAT treatment of retained payments and deposits
In December 2018 HMRC published a policy paper, Brief 13, which explains their new approach to payments and the subsequent VAT, for unfulfilled supplies. This paper is aimed at any businesses that retain payments or takes deposits for goods or services, which customers may not take up, and outlines a new interpretation on a slightly murky area of VAT obligations.
Changes to HMRC’s MTD guidance and procedure
As predicted, January brought about a revised version of HMRC’s VAT Notice 700/22: Making Tax Digital for VAT. The purpose of the notice is to explain the digital records that businesses will need to keep, and to supply information on what counts as compatible software, and it is important that all businesses begin to familiarise themselves with what is going to be expected, when the MTD process begins in April 2019. This version corrects a number of errors in the original, alters the conditions for applying for the ASA, and further details the soft-landing period. Detailed below are some of the changes to note…
Making Tax Digital – Why is the government going to all this trouble?
The MTD for VAT programme is a massive undertaking of the government to digitalise our tax systems for VAT. The project is underway with several phases to be rolled out, and some huge changes for us to get our heads around. So, what are the benefits of this idea, and who is benefiting the most?
Is Your Company Ready for Making Tax Digital for VAT
Among the most talked about accountancy news these days is the Making Tax Digital (MTD) for VAT scheme set to go into effect in April 2019. VAT-registered companies meeting a certain threshold will be required to start reporting VAT digitally from then. The question is, how many qualifying companies are actually ready for implementation of MTD for VAT?
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.
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.
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?
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.