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Accountants based in Nottingham, UK
The Enterprise Management Incentives (EMI) scheme is a tax-advantaged share option scheme that can work particularly well for smaller companies. It has had an unexpectedly chequered history this year, hitting the headlines in April when it ran into problems obtaining continued authorisation from the EU.
Making Tax Digital for VAT (MTDfV) is on the horizon. There is now less than a year to prepare for this momentous change in the way VAT registered businesses interact with HMRC. We cover this in our front page article.
The question of how to pay family members is perennially important. This area can be the subject of scrutiny by HMRC, and our lead article covers a recent tax case where the taxpayer made a number of critical errors jeopardising his claim for tax relief on payments made to his son.
Our lead article is of particular relevance to corporate clients, and covers the correct procedure to be followed when making dividend payments. Highlighting some common errors, the article offers guidance on best practice, and how best to avoid challenge from HMRC.
Our lead article provides an update on changes to the pensions auto-enrolment regime. This entered a new phase from 1 October, with new employers coming immediately into compliance obligations. Further changes are on the horizon, with increases to minimum contributions due from April 2018. This makes a good time for employers to review their ongoing responsibilities under the regime.
Our lead article provides an update on the government’s new timetable for the roll-out of the Making Tax Digital for Business (MTDfB) programme. HMRC is now allowing a longer period for most businesses to prepare for change. Initially, MTDfB will apply only to businesses whose turnover is over the VAT threshold. These new rules will apply from April 2019.
Our lead article provides a planning perspective to the proposed reduction in the Dividend Allowance from April 2018. Investors with quoted shareholdings can take some action now to reduce the impact of the reduction in this ‘tax-free’ allowance.
This quarter we consider changes to the VAT Flat Rate Scheme (FRS) which allows small businesses to pay over VAT on all their sales at a flat rate rather than output VAT on sales less input VAT on purchases. The introduction of a new 16.5% higher percentage for ‘limited cost traders’ may mean some businesses should opt out of the FRS.
Our lead article considers the new Tax-Free Childcare scheme which is to be rolled out to eligible parents during 2017. Childcare providers are being asked to register for the new scheme in advance of the roll out.
Our lead article considers the possible implications of Brexit and in particular areas of taxation which may be affected over the coming years.
Our lead article looks at the longer term and a project of the Office of Tax Simplification reviewing the simplification of small company taxation. This may lead to a new type of business structure being made available to small businesses.
Our lead article 'New tax dangers when buying residential property' warns of the extra charges that may arise from April 2016 on certain property transactions. Supplementary rates of Stamp Duty Land Tax or Land and Buildings Transaction Tax may apply to some property purchases in the UK.
Our lead article 'HMRC gone phishing?' warns of the dangers of bogus HMRC emails, texts and websites. We also include links for reporting incidents and viewing examples. With the self assessment deadline approaching it is important to be vigilant as the deadline has previously prompted an increase in phishing activity.
Our lead article considers the news stories that implied that it would be 'easy' to get out of paying an automatic £100 minimum penalty for the late filing of a self assessment tax return. HMRC have announced some changes to how they will use their right to send out fixed penalty notices in a fair and proportionate way but self assessment tax returns still need to be submitted on time.
A collection of articles for the Summer.