HMRC has launched an updated Check Employment Status for Tax (CEST) service ahead of the extension of IR35 to the private sector in just 20 weeks. HMRC created the CEST service in March 2017 as the government cracked down on off-payroll working rules, known as IR35 in the public sector. The update issued this week … Continue reading HMRC launches updated CEST tool ahead of IR35 extension
The HMRC has issued its first guidance on the tax treatment of cryptoasset transactions for both individuals and businesses. According to the UK tax authority, cryptoassets are cryptographically secured digital representations of value or contractual rights that can be transferred, stored or traded electronically. In its first detailed guidance for businesses, the HMRC explained that … Continue reading HMRC issues guidance on tax treatment of cryptoassets
With 100 days to go before the 31 January deadline, HM Revenue and Customs (HMRC) is reminding customers to complete their tax returns early to beat the Christmas and New Year rush. The HMRC has urged taxpayers to submit their returns early to avoid the stress of a last minute rush, after it received 2,000 … Continue reading The HMRC has urged taxpayers to submit their returns early to avoid the stress of a last minute rush!
Making Tax Digital has been removed from the Finance Bill 2017, as well as a majority of other tax measures such as corporate loss relief and the money purchase annual allowance for pensions
There are signs that the two committees scrutinising HMRC proposals for Making Tax Digital are planning to work together to push for more changes and a slower implementation of the current plans
Those who run limited companies – will be affected by a reduction in the tax-free dividend allowance for shareholders from £5,000 to £2,000 from April 2018. Again, this is a measure by the Chancellor to make the tax system more ‘fair’ for the employed and less weighted towards the self-employed.
The Chancellor announced changes to NICs. He stood by the plan of his predecessor, George Osborne, to abolish Class 2 National Insurance from April 2018. But once this happens, Class 4 NICs will rise by 1% to 10%.
The Chancellor Philip Hammond has delayed the introduction of Making Tax Digital for those under the latest £85,000 VAT threshold approach.
It has been confirmed in the Spring 2017 Budget that there will be an increase in both the personal allowance for individuals and the basic rate tax limit. In line with the Government’s objective to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 by the end of this parliament, it … Continue reading Spring Budget 2017 – Increase in Personal Allowance & Basic Rate band
Two-thirds of business owners have changed their forward planning because of Brexit, according to Business Barometer. The quarterly journal surveyed 900 owners of SMEs.
