Business Update August 2018

BUSINESS UPDATE

The latest edition of our Business Update series is now available

Just as the unusually balmy weather appears to be breaking storms are also brewing up on the political front that could set the scene for higher taxes. With consultations underway on inheritance tax and savings and investment income, we have some indication of what could be reviewed in the Budget later in the year. But in the meantime, smaller changes are affecting the here and now.

Ahead of a review of the IR35 regime intended to improve compliance with the off-payroll working rules, key tribunal cases are providing insight in to how the complex system should be applied. Alongside this, Universal Credit is causing issues for some self-employed workers. Meanwhile, new rules will bring more property sales into the capital gains tax system. With the government needing to raise more income for the Treasury, these may be the first of many changes.

In the new Autumn edition of our client newsletter, we explore defining your employment status for IR35. Reform is potentially coming to the private sector and off-payroll working rules. Alongside the government’s consultation, high-profile tax tribunal cases are offering insights into how the rules, including around mutuality of obligations, should be applied.

Other stories we cover include:

  • Don’t end up in hot water over VAT We look at the complicated issue of VAT, its very specific applications and the large penalties for getting it wrong.
  • Using Enterprise Management Incentives to retain talent Share option schemes can provide employers with a tax-efficient way to recruit and hold on to talent.
  • Fluctuating incomes impact on Universal Credit Self-employed workers with irregular income will potentially face reduced payments under Universal Credit rules.
  • The increasing burden of property ownership Forthcoming changes will make selling property more complicated for individuals and companies.

You can download the latest edition of Business Update here:-

https://bit.ly/2P3PK7W

We will bring you another update in a few months. Please do get in touch with Paul Southward or your usual KSK contact if you think you may be affected by any of the topics raised.

Paul Southward