The changes will impact the Capital Gains Tax position where a property which was formerly the landlord’s home but has also been rented out gets sold.
The domestic reverse charge ‘DRC’ will only affect supplies at the standard or reduced rates where payments are required to be reported through the Construction Industry Scheme ‘CIS’. The domestic reverse charge was first proposed and consulted on in 2017 and aims to combat missing trader fraud in the construction sector (similar to computer chips and mobile phones).
Prior to 6 April, it was only employees that had the right to receive an itemised payslip, disclosing not only the amount of monies to be received but also the number of hours worked. This right is, from 6 April extended to all workers.
Even as the deadline for Making Tax Digital approaches, less than one month away, there is still an alarming number of myths and misconceptions regarding MTD which make the implementation process a mind field for most businesses.
One of the problems for the small business owner is the tendency to treat the family company as a family money-box and anything taken out other than salary is, by default, a dividend.
Tax avoidance and evasion have been hot topics with HMRC over the last few years. As part of their mission to crack down on lost revenues, HMRC has severely tightened up the rules around engaging workers on a self-employed basis.
18 Feb 2019 With less than two months to go until the first implementation of Making Tax Digital (MTD), it is still causing anxiety for business owners and finance teams alike. I hear myths such as “I must move to the cloud” and “I have to send HMRC my VAT workings” all too frequently. Neither […]
HMRC are making widespread use of powers to deduct cash straight from the earnings of individuals, by increasing debt recovery through ‘attachment of earnings’ orders.
With only 45 days to go businesses are now ‘hitting the panic button’ doing everything that they can to ensure that they are prepared for a ‘no deal’ Brexit.
Establishing the correct tax and NIC treatment for NED’s fees and expenses is complex and the rules are often misunderstood.