Hallidays Newswire looks at Making Tax Digital

Stockport based Hallidays have published the September edition of their Newswire including HMRC’s work with software suppliers in preparation for Making Tax Digital. 

As part of Making Tax Digital, businesses registered for VAT with a taxable turnover above the VAT registration threshold of £85,000 will need to keep VAT records digitally and file their VAT returns using Making Tax Digital compatible software. This will start from their first VAT period starting on or after 1 April 2019.

Businesses with a taxable turnover below the VAT threshold will not have to operate MTD, but can still choose to do so voluntarily.

HMRC is working with more than 150 software suppliers who have said they will provide software for Making Tax Digital for VAT (MTDfV) in time for April 2019. Click here for the full story

HMRC warning: time to declare offshore assets

HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new ‘Requirement to Correct’ legislation comes into force. Click here for the full story

Stamp duty cut

The current Stamp Duty Land Tax threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.

There are different rules if you’re buying your first home. You get a discount (relief) that means you pay less or no tax if:

• you complete your purchase on or after 22 November 2017
• the purchase price is £500,000 or less
• you, and anyone else you’re buying with, are first-time buyers  Click here for the full story

Advisory fuel rates for company cars

New company car advisory fuel rates have been published which take effect from 1 September 2018 Click here for the full story

HMRC latest guidance for employers 

HMRC has published the latest edition of the Employer Bulletin. Click here for the full story

‘No deal’ Brexit guidance

The government has issued some ‘no deal’ Brexit technical notices, with the aim of helping both businesses and individuals to prepare in the event of a UK-EU agreement not being realised. Click here for the full story