In little under a year all businesses that file VAT returns will have no choice but to file those returns online and through dedicated accountancy software. The move is part of the Government’s Making Tax Digital programme, and businesses are far from ready.
This week the Supreme Court ruled that Gary Smith, a self-employed plumber who had worked for Pimlico Plumbers for six years, was entitled to workers rights. This ruling signals a significant milestone in the rapidly evolving landscape of employment law and tax.
HMRC are planning to introduce new rules in relation to the sale of residential property and the date to which Capital Gains Tax will be paid. A payment on account system is to be introduced which will include the submission of a new payment on account return.
If your company has an EMI (Enterprise Management Incentive) scheme in place or is considering setting one up, you will be pleased to hear that HMRC have confirmed EMI schemes will continue. The EU State Aid Approval, which is necessary for the tax advantages of the EMI scheme to apply, had lapsed from 7 April 2018 and was only approved by the EU on 15 May 2018. HMRC have confirmed their position on 31 May 2018 in their latest Employment Related Securities Bulletin, found here.
Why do we get so excited about a new calendar year (fireworks, parties and umpteen laudable resolutions) yet are so so-so about the start of a new tax year? Surely the opportunities offered at the commencement of a new fiscal year ought to be more exciting?
Well whatever your personal views might be we’ve just slipped into the 2018/19 tax year and this article overviews some of those new opportunities.
There are many IHT reliefs available and while individually the exemptions are not huge, if they are used extensively during your lifetime they can result in significant tax savings; here are five you may wish to consider:
The childcare voucher scheme was set to be closed to new entrants from April 2018. However, following a debate in the House of Commons last week Education Secretary Damian Hinds announced that the deadline has been extended by six months, to October 2018. This announcement came as welcome news to many, particularly the 119,000 signatories that petitioned for the scheme to remain open alongside the newly introduced Tax Free Childcare (TFC). Damian Hinds confirmed that the closure of the scheme has been postponed in order for the government ‘to reflect concerns and to allow the bed-in’.