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?
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.
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.
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
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?
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.
Hi there, i’ve been asked to create a comprehensive list of differences between operating as a sole trader and limited company. If you have any questions on the below feel free to leave a comment in the comments section at the bottom and I will get back to you. Read more