Further notes on Finance Bill (No 2) 2017 resolutions
Further guidance on the contents of the second finance bill for 2017 have been published on Gov.uk today. Download a copy here.
Author: Bob Edwards Insights
Transforming the VAT return into an MTDfB Tax Return
I wasn’t in my bath when I had this particular Eureka moment, I was actually discussing the MTDfB changes with HMRC’s implementation team following the annoncements made last week. In a nut-shell, it occurred to me that with a few changes (inexpensive changes!) the humble VAT return, which is already filed online, could be changed… Continue reading Transforming the VAT return into an MTDfB Tax Return
Directors and the National Living Wage
Directors are considered to be office holders and therefore not entitled to the NLW. Directors with a service contact, even if the terms are implied in some way, will be entitled to the NLW. Entitlement means that they must be paid at least the NLW or the employer (their company in most cases) will be… Continue reading Directors and the National Living Wage
Free software for MTD
The terms of the software development agreement – that will drive the collaboration between developers and HMRC were published today. Here. The closing comments of the document caught my attention, they say: Eligibility for free software will apply where the business meets all these conditions: they’re unincorporated (for example self-employed persons or landlords) they have… Continue reading Free software for MTD
Clarity from HMRC…
HMRC have published a list of the “washed-up” provisions in the March 2017 budget that will be reinstated when parliament reconvenes after the summer recess. The full text is reproduced below: List of provisions that will apply from the start of the 2017/18 tax year or other point before the introduction of the forthcoming Finance… Continue reading Clarity from HMRC…
MTD up-to-date video available next week
Now that the changes to the implementation of MTD are known, see previous blog posting, I am revising my script and the launch of the new Landmark service, TaxBox, will kick off next week with our first video covering Making Tax Digital – it will include all the changes announced yesterday. Still time to reserve… Continue reading MTD up-to-date video available next week
Eureka, MTD deferred and more…
I have spent most of this week helping my youngest daughter and her partner decorate, fix fences and gates, and otherwise indulge my love of DIY! Today, I am back at my PC. And yesterday, at long last, we have the summer budget, or at least it is clear that the rolled over sections of… Continue reading Eureka, MTD deferred and more…
Inform Direct 5 star service
I have just issued shares to three individuals, generated all the required minutes and other documentation, filed changes with Companies House, and the the total time taken, maybe 3, 4 minutes. It is not very often that I am moved to promote third party software, but Inform Direct’s company secretarial package is superb; and no,… Continue reading Inform Direct 5 star service
OTS recommend simplifying corporation tax compliance
The long awaited OTS review of corporation tax has been published. Wide ranging reforms recommended, including: Small companies For the very smallest companies, to use the accounting profit prepared under accounting standard FRS105 as the taxable profit without any adjustments. For slightly larger companies, the proposal is that companies should only need to consider a… Continue reading OTS recommend simplifying corporation tax compliance
Salary sacrifice clarity from HMRC
I’ve added a new phrase to my list of HMRC favourites this week, it’s “Optional remuneration arrangements” – a crossword clue – 15 letters, two words? The answer, of course, is salary sacrifice, so why the more arcane version? I picked up the heading when I was researching detailed commentary by HMRC on the recent… Continue reading Salary sacrifice clarity from HMRC