by Jessica Garbett | Nov 27, 2018 | ACCA, VAT
Making Tax Digital exemption need greater than for online VAT filing. With the timetable for Making Tax Digital (MTD) confirmed, most smaller businesses must implement full digital record-keeping from April 2019, and those that haven’t begun preparations should...
by Jessica Garbett | Nov 20, 2018 | ACCA, budget, VAT
How the VAT Mini One Stop Shop scheme will work in a no-deal Brexit scenario. The guidance issued by the government to businesses and consumers on how to prepare if the UK leaves the EU with no deal covers a number of areas, including VAT Mini One Stop Shop (MOSS)....
by Jessica Garbett | Nov 16, 2018 | ACCA, budget, business taxation
Changes to encourage investment were a theme of the Budget. Temporary two year increase in AIA limit for plant and machinery Companies will be able to claim £1m as AIA for expenditure incurred from 1 January 2019 to 31 December 2020. Special rate WDA reduction from 8%...
by Jessica Garbett | Nov 14, 2018 | ACCA, budget, VAT
Rules for the tax treatment of vouchers will be simplified from January. The government will implement an EU Directive on the VAT treatment of vouchers in time for the required date of 1 January 2019. This will simplify the rules for the tax treatment of vouchers,...
by Jessica Garbett | Nov 13, 2018 | ACCA, budget, business taxation, capital taxation
Minimum qualifying period extended from one to two years. Legislation will be introduced in Finance Bill 2018-19 for disposal made on or after 6 April 2019, to increases this minimum period throughout which certain conditions must be met to be eligible for...
by Jessica Garbett | Nov 9, 2018 | ACCA, budget, capital taxation
The value of any part of a residence that is inherited by an exempt beneficiary will be taken into account. Legislation will be introduced in Finance Bill 2018/19 to ensure that for deaths applying on or after 29 October 2018, the value of any part of a residence...
by Jessica Garbett | Nov 7, 2018 | budget, IR35
In last weeks budget it was announced that Government / HMRC are pressing ahead with introducing reverse IR35 compliance in the Private Sector. Broadly: Engagers rather than Contractors will be responsible for determining the IR35 status of an Engagement, i.e....
by Jessica Garbett | Nov 7, 2018 | ACCA, budget, business issues
Move expected to produce an extra £185million in taxes for the government. From 6 April 2020, the government will change the rules so that when a business enters insolvency, more of the taxes paid in good faith by its employees and customers, but held in trust by the...
by Jessica Garbett | Nov 5, 2018 | business issues, business taxation
Claiming for the costs of a car or van is something of interest to many business owners. First, the rules are different for Sole Traders / Partnerships and Limited Companies. Lets start by looking at Sole Traders/Partnerships. There are two choices on claiming...
by Jessica Garbett | Nov 5, 2018 | ACCA, budget, capital taxation
Reforms due from April 2020. From April 2020 the government will reform lettings relief so that it only applies in circumstances where the owner of the property is in shared occupancy with the tenant. The final period exemption will also be reduced from 18 months to...
by Jessica Garbett | Nov 2, 2018 | ACCA, budget, property taxation
Landlords have had a rough ride in recent Budgets. Do they have any reason to smile this time? Since the changes in the residential property taxation, landlords were badly hit with additional stamp duty and interest claim restrictions and so on. Higher stamp duty land...
by Jessica Garbett | Oct 31, 2018 | ACCA, budget, IR35
As expected the chancellor announced the extension of IR35 to the private sector. As expected, the chancellor has gone forward with the extension of the off-payroll working rules (IR35) to the private sector. But after some recent legal cases and issues with checking...
by Jessica Garbett | Oct 30, 2018 | budget, business issues, business taxation, capital taxation, IR35, personal taxatation, property taxation, PSC
Our initial review of yesterdays Budget, including the news that reverse IR35 will come into the Private Sector from 2020, is now up on our website: Autumn Budget 2018
by Jessica Garbett | Oct 22, 2018 | ACCA, financial reporting
Directors’ remuneration and dividend disclosure requirements A closer look at FRS 102 1A. ACCA’s Technical Advisory helpline has had many calls concerning the disclosure of directors’ salaries and dividends in small owner-managed companies that adopted FRS 102 section...
by Jessica Garbett | Oct 15, 2018 | ACCA, business issues
Will ‘phoenix’ companies and corporate failures be a thing of the past? Many companies in the UK have suffered due to ‘phoenix’ arrangements. This is the well-known process where a debtor goes into liquidation owing money to its supplier and then miraculously starts...
