Making Tax Digital for VAT (MTDfV) is on the horizon. There is now less than a year to prepare for this momentous change in the way VAT registered businesses interact with HMRC. We cover this in our front page article.

MTDfV begins with the first accounting period starting on or after 1 April 2019. Only those businesses whose turnover is above the VAT registration threshold are mandated to join, although voluntarily-registered businesses may also join if they choose. However, any business operating at around the registration threshold will also need to be aware of developments – and monitor turnover closely - as newly-registered businesses will be required to be MTD-compliant from day one of VAT registration.

We also report on recent findings by the Office of Tax Simplification (OTS). This discusses some of the complexities of the tax system as they impact owner managed businesses. It also serves as a timely reminder of the opportunities to plan and expand which are currently on offer.

Elsewhere, we consider the government consultation on compliance with the IR35 ‘off-payroll working’ rules in the private sector. Many commentators envisage that changes in the public sector, which were introduced in April 2017, are likely to be brought in on the back of this enquiry. HMRC states that the result of the consultation is not a foregone conclusion. Our article looks at some of the implications of the current discussion.

We also draw attention to the many opportunities available to taxpayers to structure their affairs efficiently in the current tax year. These can arise, for instance, when disposing of a capital asset, reviewing pension plans or considering investments such as an Individual Savings Account.

In our other articles, we examine:

  • the stamp duty implications of property purchase across English, Welsh and Scottish borders
  • employee rights to shared parental leave and pay on the arrival of a new baby
  • new penalties for UK taxpayers who have not told HMRC about foreign income or gains which may be liable to tax in the UK
  • Enhanced Capital Allowances.

We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome your feedback.

Fair play for all at Williams Denton
At Williams Denton, we are delighted to have achieved the Developing Level of the Chwarae Teg Exemplar Award.
MTD is coming
Making Tax Digital (MTD) is on the horizon for many businesses. It represents a momentous change in the way taxpayers keep records and submit information to HMRC.
Buying property across UK borders
Now that Wales and Scotland each has its own property tax regime, the rules affecting the purchase of property have changed.
Employee rights: shared parental leave
Following suggestions that less than half the public is aware of the scheme, HMRC are promoting awareness of Shared Parental Leave (SPL) rights among employees.
Income or gains from abroad?
There are new tough penalties on the horizon for UK taxpayers who haven’t told HMRC about foreign income or gains on which UK tax may be due.
IR35 - change ahead?
IR35 is very much in the news. Over the last months, there have been several tax tribunal cases involving IR35 contractors – one high profile case going against BBC Look North presenter, Christa Ackroyd.
New tax year, new tax plans
As we head into the season to submit tax returns for the tax year ended 5 April 2018, it’s a good time to think about saving tax in the current tax year.
Save energy, save tax - with enhanced capital allowances
Did you know that a business which invests in energy-saving plant or machinery may be able to take advantage of an HMRC tax break?
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Working off-payroll

Prepare for the changes ahead.