Making Tax Digital deadline deferred for certain businesses
The Making Tax Digital (MTD) for VAT deadline has been extended until October 2019 for certain businesses. Around 3.5% of mandated customers are affected, including VAT divisions and groups, trusts, unincorporated not-for-profit organisations and traders based overseas. The later deadline was announced in response to concerns raised by businesses participating in the VAT pilot scheme. […]
Budget boost for business investment?
The 2018 Budget delivered opportunities for businesses, intended to support and encourage them to invest. One of the key developments confirmed by the Chancellor – but originally announced in previous Budgets – is that corporation tax will fall to 17% from 2020. This new low rate will make incorporation more attractive for smaller businesses and […]
Can the Chancellor save the high street?
Business rates will be cut by one third for small retailers as part of the government’s drive to revitalise the UK’s high streets, as announced in the 2018 Budget. Most retail business with a rateable value of less than £51,000 will see their business rates cut by 33% for two years from April 2019. Whilst […]
Entrepreneurs learn from previous successes
Dorset-based chartered accountants, tax, and business advisors Ward Goodman hosted an Entrepreneurs’ Lunch for more than 30 invited business owners, giving them an opportunity to connect with directors, staff and learn from inspirational guest speakers. Held at Les Bouviers, Canford Magna, Wimborne, speakers comprised key decision makers and successful Dorset business owners who have ‘been […]
Smaller firms benefit from Budget business detail
The details released after the 2018 Budget statement revealed a range of new restrictions for businesses. However, they have been structured to reduce the impact on smaller businesses. Off-payroll working and IR35 One measure announced was the expected extension of the off-payroll working rules, known as IR35, to the private sector. This has now been […]
Budget 2018 – Key Points
In a longer than usual Budget speech, and in a slightly more jocular than usual mood, the Chancellor laid out the government’s vision for post-Brexit Britain. With a raft of measures aimed at shoring up businesses, infrastructure and the health service, Mr Hammond used the better than expected public finances to present an upbeat programme. […]
HMRC caught out on IR35 and holiday pay
HMRC has suffered an embarrassing setback after one of its contractors launched a claim for unpaid holiday pay, relating to work covered under the off-payroll working rules, also known as the IR35 rules. At the end of 2016, HMRC employed a marketing consultant, who was required to go onto an agency payroll. The consultant wasn’t […]
Brief victory on VATMOSS for microbusinesses
A successful campaign by micro-business owners has seen the EU introduce a new minimum threshold for the VATMOSS rules. But with legislation due to take effect in January 2019 at risk from a no-deal Brexit, the success could be short-lived. Under the EU rules on place of supply, VAT is charged on any sales of […]
Trick or treat? The Chancellor calls the 2018 Budget for late October
The 2018 Budget has been set for Monday 29 October, setting a deadline for speculation and proposals. Mr Hammond, however, has indicated that he won’t end the long spell of austerity measures, despite improving public finances. Proposals raised by think tanks and professional bodies include overhauls of income and inheritance tax, ‘pension tax relief simplification’, […]
Class 2 NICs here to stay
The Chancellor has changed his mind – again – on National Insurance Contributions (NICs) for the self-employed. The Treasury has revealed that Class 2 NICs will remain for at least the rest of this Parliament. The Treasury’s justification was that, without Class 2 NICs, “A significant number of self-employed individuals on the lowest profits would […]
