Stockport based Hallidays have published their October newswire to keep you informed of the latest business and tax issues including news of HMRC’s plans to make tax digital, a reminder of dates for self-assessment returns and VAT claim on company cars.
Making Tax Digital
HMRC have issued a series of consultation documents outlining further plans for the government’s Making Tax Digital initiative.
Tax Free Childcare
HMRC have announced further details of the new Tax Free childcare scheme which is to be introduced in 2017.
Deadline for ‘paper’ self assessment tax returns
For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2015/16 return is 31 October 2016.
Increase in National Minimum Wage rates
The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are entitled to be paid. NMW rates increases come into effect on 1 October 2016.
VAT claim on company cars allowed
HMRC recently lost a first tier tribunal case on the recovery of VAT on the purchase of six cars.
Updated guidance on Gift Aid
HMRC have updated their guidance for charities and community amateur sports clubs on claiming Gift Aid on donations.
Following consultation the government has issued further details of the new Lifetime ISA account which is expected to be available from April 2017.