Category Archives: VAT

Budget 2018

Budget - The Chancellor’s Autumn announcements were made on the 29th October...here's a summary of what transgressed. MORE MONEY FOR NHS AND AN END TO AUSTERITY? As previously announced, these were the main themes of the Chancellor Phillip Hammond’s third budget but what we were waiting to hear was where the extra money was going to come from? Had he found a “Magic Money Tree”, or would tax and borrowing have to increase? We now know that the extra money will come from better than expected economic growth and consequential increased tax revenues. But there may have to be a Spring 2019 Budget if Brexit negotiations don’t go to plan…. PERSONAL ALLOWANCE AND HIGHER RATE LIMIT INCREASED EARLY The Government’s manifesto pledge back in 2015 was that the personal allowance would rise to £12,500 in 2020 and the higher rate...

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...
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