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Making Tax Digital removed from Finance Bill 2017

As soon as Theresa May announced her plans to call an election, it was immediately obvious that vast swathes of the Finance Bill 2017 (FB17) would be deprioritised. As a result, they would fail to make it through the usual inter party horse trading, which takes place to ensure that vital pieces of legislation are passed prior to the dissolution of parliament. Indeed, almost overnight what had promised to be a mammoth Finance Bill, consisting of 762 pages, had been slimmed down to around 140 pages, a reduction of more than 80% (by volume). As part of this weight-loss-programme, all of the MTD clauses without exception simply disappeared. The MTD clauses might have been a casualty of political

Finance Bill condensed as we all go to the polls

Following concerns over a rushed Finance Bill, the government has dropped several pieces of legislation during the Finance Bill committee stage debate – deleting 72 out of 135 clauses and 18 out of 29 schedules. The Association of Taxation Technicians (ATT) welcomed the government’s decision to condense the pre-election Finance Bill and exclude legislation regarding allowances for micro-enterprises. The dropped measures are likely to be taken up in a post-election Finance Bill when there can be greater parliamentary scrutiny. The proposed legalisation concerned allowances for very small trading and property businesses, starting 6 April 2017. While the allowances were a welcome measure, ATT p

Are SMEs ready for MTD?

With MTD representing “the single most significant change to the UK’s system of taxation in recent times”, are SMEs ready? HMRC is planning for the majority of businesses in the UK to maintain their business records digitally and to report information quarterly from April 2018, 12 months from now. Little draft legislation is currently available, but HMRC’s intentions are clear from last year’s “making tax digital” (MTD) consultation documents and the recently published responses to the proposals. Distilled to its simplest form, under MTD, unincorporated businesses, smaller companies and landlords will be required to supply current financial information online to HMRC at least every three mon

Sole Trader bookkeeping from your mobile

Sole Trader bookkeeping with PERSPECTIVES ACCOUNTING & BUSINESS SERVICES is now as easy as 1Tap. Your annual Self Assessment can take a lot of time and effort that could be better spent on your business. At Perspectives we can help you get that time back and save you money while we’re doing it. Here are five reasons why we think you’ll love using 1Tap with Perspectives. 1. No more storing paper If you’re tired of having a bunch of paper receipts and invoices hanging around your house or car all year, we don’t blame you. With 1Tap you can just snap a picture of your invoice, and then throw the paper away. The image of your item is fully HMRC compliant and stored safely online. It also means n

New Tax & Business Measures come into effect.

As the 2017/18 tax year began yesterday, a range of new tax and business measures came into effect. The introduction of the new Apprenticeship Levy is principal among these forming part of a government target to create three million new apprenticeships in England by 2020. The Levy requires employers with annual pay bills of over £3 million to invest a percentage of their yearly pay bill in apprenticeships. Additionally, from 6 April individuals will be able to open up and save into a Lifetime ISA. This type of ISA is available to any adult under the age of 40, and can be used to deposit up to £4,000 per tax year. Consumers will receive a 25% government bonus on any savings put into the accou

HMRC nets £3.3bn in underpaid VAT from SMEs

HMRC has collected an additional £3.3bn from SMEs following inquiries into underpaid VAT over the past year, according to tax investigation insurance specialists PfP. PfP said that the investigations had been carried out by two newly created teams at HMRC: the Individuals & Small Business Compliance unit, and the Wealthy & Mid-sized Business Compliance unit. The company said that VAT is a key area of focus for HMRC, with further inquiries are likely to follow. Kevin Igoe, managing partner of PfP said: “VAT investigations into SMEs have proven incredibly rewarding for HMRC." he goes on to say that: “The figure will be driven by a combination of carelessness, genuine error or misunderstanding,

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