The independent loan charge review, conducted by Sir Amyas Morse, was published on 20 December, having been delayed due to the general election. The loan charge was introduced to collect tax from individuals who had benefited from schemes devised to avoid PAYE and national insurance. The date that the loan was made to the individual is critical in determining whether the loan charge will apply.
In January the government launched a four-week review of the changes to IR35 “off-payroll” working rules scheduled to come into force in April, as the result of mounting criticism about the way they will operate. The review is scheduled to conclude by mid-February and will see the government hold a series of meetings with stakeholders representative of those affected by the changes.
The December General Election meant that the Autumn Budget was delayed and we now know that Sajid Javed will deliver his first Budget on the second Wednesday in March which is when Budget day used to be! We are expecting that the tax measures in the Conservative Party manifesto will be announced again together with confirmation that changes consulted on last year will be put in place.
We’re very excited to announce that from May 17, 2019 we will have a new home due to expansion and future growth of our Accountancy practice. We are not moving too far, you will find our new office at Stone House, 55 Stone Road Business Park, Stone Road, Stoke-on-Trent, ST4 6SR.
We were delighted when we received this certificate from the team at The Donna Louise in Stoke-on-Trent. It recognises the pride we take in Corporate Social Responsibility and the £77,477.13 that we have raised for the children’s and young people’s hospice over the last 10 years.
Draft legislation in the next Finance Bill will introduce significant changes to the reporting of residential property disposals and the payment of Capital Gains Tax (CGT) from 6 April 2020. Currently non-UK resident taxpayers disposing of UK residential property are required to report the disposal to HMRC within 30 days.
There is a requirement to register with HMRC by 30 September 2018 in order to settle on preferential terms before the outstanding loan charge arises on 5 April 2019. This new tax charge applies to any outstanding loans that exist as a result of a disguised remuneration tax avoidance scheme used by your employer such as those involving Employee Benefit Trusts (EBTs).
HMRC propose to restrict the availability of “rent a room” relief to situations where the taxpayer is living in the let property for at least some of the time that the accommodation is let. Hence renting out a house during Wimbledon fortnight while the owners are absent would not qualify from 6 April 2019!
HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT. VAT Notice 700/22 clarifies that spreadsheets may still be used to keep business records provided that there is bridging software that links to the Government gateway.
At our 75th anniversary celebrations a Caricaturist was on hand to draw team members. The event was held at the Upper House, in Barlaston, on July 19, 2018, where the Employee of the Year award was also handed out.
Can you work out who is who?
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In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurers are AXA Insurance UK Plc, 20 Gracechurch Street, London, EC3V 0BG. The territorial coverage is worldwide excluding professional business carried out from an office in the United States Of America or Canada and excludes any action for a claim brought in any court in the United States Of America or Canada. Our professional indemnity insurance does not provide cover for claims arising from referrals by DPC to promoters of tax mitigation schemes that fall in to DOTAS or the Disguised Remuneration rules.
