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?
This year DPC Accountants have implemented an Employee of the Year award and the directors were proud to hand out the award as the firm celebrates its 75th anniversary. The first ever awards were handed out to Karl Simpson and Terri Symonds at the celebration held at the Upper House, in Barlaston, on July 19, 2018.
Heritage and innovation are two of the most important ingredients for a successful firm – and as DPC Accountants celebrate 75 years of growth and achievement they prove that to be very true. Europe was locked in the turmoil of the Second World War when Edwin Downward first set up the firm as a sole practitioner on February 9, 1943.
The next Let’s do fully funded workshop is on Thursday 21 June 2018 at Summit Hospitality, Newcastle-under-Lyme, and aims to help business owners grow their business for success. This session at the Staffordshire venue is delivered by Tom Yeung of Success Management. Over the last 11 years he has helped 38 businesses achieve their goals and in doing so has added in excess of £41m to their turnover and in excess £19m to their profits.
As part of progressive expansion plans, we are pleased to announce the takeover of local Biddulph accountancy practice Murray Chartered Accountants. The company was acquired in September 2017 by DPC due to the director’s retirement and more than 100 new clients have been introduced to our team.
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