Apr • Tax Efficient Extraction of Profit from Companies for 2018/19
April • #05 The new tax year means that many directors of family companies will be considering the most tax efficient method of paying themselves. For many years accountants and tax advisors have suggested that director/shareholders should extract profit by paying...Apr • Scottish Income Tax Rates Due to Rise from 6 April 2018
April • #04 The Scotland Act 2016 provides the Scottish Parliament with the power to set all income tax rates and bands that will apply to Scottish taxpayers’ non-savings, non-dividend (NSND) income for tax year 2018/19. From 6 April 2018 there will be significant...Mar • Want to join the Making Tax Digital VAT pilot?
March • #04 HMRC have announced that they are looking for suitable businesses to sign up for the pilot testing of the new system of digital reporting of VAT information. Turkeys voting for Christmas springs to mind? After a period of testing the new system is...Mar • Pension funds can be very effective in estate planning
Making Tax Digital (MTD) for VAT is scheduled to start in April 2019 which means that your VAT information needs to be submitted to HMRC digitally.
On 18 December 2017, HMRC published draft legislation together with examples of how the business account records might link with the HMRC computer in order to comply with MTD for VAT. The legislation specifies that “functional compatible software” must be used to record and preserve prescribed VAT related data.