News & views

HMRC have been writing to VAT registered businesses about Making Tax Digital for VAT, they have confirmed that all letters have now been sent.

From 1 April 2019, Academy trusts are required to declare all related party transactions in advance.

HMRC has confirmed a new policy that VAT will remain due on a deposit, even if the customer does not use the goods or services for which it was paid – this comes into effect from March 1 2019. This change will affect the hospitality industry significantly (but it will also apply to other businesses), which will soon be unable to recover VAT charged on cancelations or ‘no show’ charges.

Against a backdrop of continuing uncertainty over Brexit, the Chancellor’s speech today was mainly concerned with economic matters and the government finances, which are very much dependent on what finally happens regarding Brexit.

Making Tax Digital is fast approaching; therefore it is important for mandated businesses with taxable turnover of £85,000+ start preparing for the switch over in April 2019.   The first VAT period affected is the period which begins after 1 April 2019.

There are a number of payroll changes coming into effect from April 2019 that employers need to be aware of.
 

From the 1^st April 2019, the National Minimum wage is increasing.  

The Charity Commission has published a report on their study into how insider fraud is affecting charities and non-profit organisations.
 

The Small Charities Challenge Fund (SCCF) is the first fund from the Department for International Development (DFID) tailored to the needs of small, grassroots British charities doing outstanding humanitarian and development work.
 

A reminder that if your business makes a loan to your employees or their relatives this can create tax problems for both employees and employers.

And please don’t forget that the term “employee” includes directors, and also that loans to family members may be caught.