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Making Tax Digital Update

Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years. This change might seem daunting, but we’ve compiled everything you need to know so your journey into digital tax recording is as easy going as possible.

What’s changing?

• Paper records will no longer be sufficient. Almost all businesses and landlords will now be legally required to use digital software or a spreadsheet to keep accounting records.
• Accounting records will be required to be submitted to HMRC directly from accounting software within one month of the end of each quarter.

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2018 Tax Notes

To download the document please click here

2018-tax-notes

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HMRC: The Requirement to Correct – Offshore Accounts

HMRC have introduced new legislation called “The Requirement to Correct”, which requires UK taxpayers to ensure that all their foreign income and assets, where tax may be payable, have been declared to HMRC  BEFORE the 30th September 2018.

Click below to find out more:

RTC Information

 

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VAT: Is Your Vehicle a Car or a Van?

For some time now there has been a restriction, or ‘block’, on the recovery of input tax incurred on cars. There are a few exceptions to this that have crept in over the years, driving schools, taxis, and hire cars may have the VAT recovered as their use can be clearly shown as being wholly for the business – the same can apply to ‘pool’ or demonstrator cars.

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Are you a U.S. citizen?

Did you know that:

  1. You are still required to file U.S. tax returns even if you don’t live there?
  2. You could be caught a double taxation if your affairs are not setup correctly
  3. There are penalties for non – compliance

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