Are you ready to make tax digital? Most Cornish businesses aren’t.
Making Tax Digital is the latest move by the Government to make it easier for individuals and business to get their tax right and stay of top of their affairs. But there’s one small problem with this plan … according to our research, it seems that businesses in Cornwall just aren’t ready for it at
Introduced by HMRC in 2013, the High Income Child Benefit Charge applies to parents earning over £50,000 adjusted income per year. Total taxable income less pension contributions and gift-aid donations give the adjusted net income figure. HICBC places a tax charge of 1% on child benefit for each £100 above the £50,000 threshold the high-earner
Based on recent years HMRC will potentially issue at least 1 million late filing penalties. It is important to be ahead of the game in terms of advising clients who have failed to meet the filing obligation and to be able to address disputes with HMRC. Finance Act 2009, Schedule 55 and Schedule 56 reformed
Making Tax Digital is on its way. Next year, if your turnover is over the VAT threshold, you’ll need to submit returns online. In readiness, HMRC has been working with more than 150 software suppliers who have said they’ll provide software for Making Tax Digital for VAT in time for April 2019. If you’ve got a system
Cast your minds back to 2015. Hopefully it was a good year for you, with some great memories. For us in the accountancy world, something very significant was announced. Following the budget, the Government decided to lay out it’s vision for a ‘really simple’, ‘easy to use’ transformed digital tax system – Making Tax Digital
Everyone loves Airbnb. It’s a wonderful way of seeing the world on a budget and the South West of England is no exception to that. The brand will undoubtedly be big business as we approach this summer season in this part of the world. The sudden growth of Airbnb has taken the world by storm
It has been talked about for years but The Treasury officially announced in the Spring Statement that it has launched a consultation on the VAT threshold. The mere mention of VAT often sparks sensitivity from small businesses in particular who fear the lowering of the threshold from the current £85,000 down to a figure of
HMRC’s Task Forces are working across the UK to target cash businesses – particularly those involved with catering. The potential issues HMRC are looking for include under-declarations of sales, incorrect liability, standard-rated/zero-rated apportionments on eat-in and takeaway foods and the VAT treatment of tips and gratuities. Test Purchases at Cash Businesses As well as carrying out scheduled
HMRC has announced a number of changes to the Making Tax Digital scheme. They have revised the timescale following feedback from businesses, accountants and Parliament. This is good news because it means that businesses will now have more time to implement the changes required. Similarly, many smaller businesses or self-employed individuals will not have to
What does HMRC’s Making Tax Digital Scheme mean for you? Making Tax Digital forms the main part of HMRC’s big plans to reform the UK tax system. The Making Tax Digital scheme was announced in March 2015 and since then, there have been various consultations and government debates on the topic. This is the largest
Employee benefits? Submitted your P11Ds? All forms have to be submitted to HMRC by the 6th July 2014. Avoid penalties by making sure you get these in on time. Any outstanding Class 1 NICs & PAYE for the 2013/2014 tax year need to be received by HMRC Accounts Office by the 19th July for postal