Category Archives: Accountancy Advice

HMRC making Digital Records Compulsory by 2018

Making tax digital – It would be easy to read the government’s manifesto about the future of tax administration “Making Tax Digital” as merely a vague policy document. While it’s just an outline it spells out changes that will have serious consequences for many businesses. Who will it affect? – Unincorporated businesses with income of £10,000 per year or more, which don’t currently use software to keep financial records, will be required to do so. It seems that companies will have to use digital record keeping no matter what the level of their income. The new regime will include landlords who receive rents etc of more than £10,000 per year. Which software? – The good news, if you can call it that, is that the government will provide free apps to help businesses. However, reading between the...

HMRC clarifies tax breaks on gifts

HMRC clarifies tax breaks on gifts Gift aid: If you’re a higher or additional rate taxpayer you can claim extra tax relief for charitable donations you make under the gift aid arrangements. This tax break applies to donations by individuals and not to those made by companies, organisations or groups of individuals and not to those made by companies, organisations or groups of individuals. This has caused some newspapers to suggest that where you make donations in the form of a sponsorship, typically through websites like JustGiving, and include a message that implies the gift is from more than one person, such as “Good luck from us all”, you’ll lose the gift aid tax break because the sponsorship...
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