Business Update Winter 2018
The latest edition of our Business Update series is now available
Unsettled weather ahead!
The weather this year continues on its topsy-turvy course very much like the current economic climate with all the political shenanigans and continued uncertainty over Brexit.
Making Tax Digital
Given the wide-ranging potential consequences of the negotiations with the EU, it is perhaps understandable that HMRC has just announced a new delay in the timetable for Making Tax Digital (MTD).
As announced on 16 October 2018, the filing deadline for MTD for VAT has been moved to October 2019 for certain specialist and complex businesses. The April 2019 deadline is still in place for some VAT-registered businesses to submit their first reports using the digital system. At the same time, HMRC opened up the VAT pilot scheme for most businesses.
Unsettled front ahead!
With the Brexit deadline set for 29 March – and the possibility of a no deal departure still in the mix – this could mean that businesses are making their first filings at the same time as the VAT rules affecting customers and suppliers change. With such a potent mix of change, it is perhaps understandable that HMRC are taking some more time to prepare for the more difficult cases.
Business Update Highlights
The feature story in the new Winter 2018 edition of our newsletter, Making Tax Digital starts to take shape, looks at the new system, which will apply to all businesses whether they face the April or October deadlines. The sensible thing is to prepare your systems now. Being ready for MTD for VAT will leave you free to deal with whatever next year brings, when it brings it.
Other stories we cover include:
- Closing loopholes around write-offs of director loans – If you are writing off a director’s loan, make sure you don’t incur unnecessary tax.
- Intestacy and business continuity – We all know it is very important to make a will, but do you know what will happen to your business if you don’t?
- Government cracks down on phoenixing – After some high-profile collapses, directors will have new responsibilities to failing companies.
- Transforming remuneration in disguise – HMRC is bringing new controls to crack down on disguised remuneration schemes.
You can download the latest edition of Business Update here:-
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.