Despite the ongoing turmoil of COVID-19, HMRC continues to focus on how to further advance its Making Tax Digital (MTD) service. In particular, MTD for VAT has become a testing-ground for HMRC to practice roll-out processes and with the implementation of Income Tax and Corporation Tax on the horizon, HMRC are now seeking to complete the implementation process for all VAT registered businesses.
The benefits of using a Members’ Voluntary Liquidation to exit a company have been widely publicised. It can offer shareholders significant tax savings, especially where Business Asset Disposal Relief is available.
Thomas Westcott is encouraging team members, professional partners and clients to take part in a fun and festive night of virtual bingo to raise money for a deserving local charity.
Following in the footsteps of MTD for VAT, the next step of HMRC’s tax digitalisation plan now has a date with the announcement of the full mandating of MTD for Income Tax to thousands of taxpayers.
Following further announcements this year by HMRC in respect to Making Tax Digital (MTD) for VAT and Income Tax, HMRC have also launched a public consultation to apply MTD for Corporation Tax.
The relief provides innovative businesses with a valuable tax incentive to help fund their Research & Development (R&D) activities.
R&D costs are incurred far more frequently than most businesses imagine and potential claims are often overlooked.
Many business directors choose to draw funds from a company on a weekly basis, sometimes with a minimal salary. They then declare dividends at the year end to set off against these drawings. This can be seen as being tax efficient.
On 24 September 2020 the Chancellor announced that the reduced rate of 5% VAT applying to hospitality, holiday accommodation and attractions would be extended until 31 March 2021. The measure was originally introduced in the summer to reduce the impact of the Covid-19 pandemic on the hospitality and tourism sector.
Since 2017/18 it has been necessary for trustees to register settlements, both existing and new with HM Revenue and Customs (HMRC) through a new online ‘Trust Registration Service’.