Tax voice - April 2018

Welcome to April’s edition of tax voice, a monthly round-up of the most important tax news.

Intangible assets revisited

20 April 2018

The world has changed dramatically since 2002 when the UK introduced its intangible fixed assets (IFA) tax regime for companies.

No such thing as a common law spouse?

20 April 2018

According to the Office for National Statistics report: Families and Households: 2017, one in five couples living together in 2017 were not married or in a civil partnership. In total, around 3.3 million couples cohabit, more than double the 1.5 million number from 10 years ago. Of these couples, around 40 per cent have dependent children.

Making Tax Digital – A brave new world

20 April 2018

The transition to making tax digital (MTD) represents one of the most fundamental changes to occur to the UK tax system for decades. HMRC is concerned that basic VAT accounting errors are resulting in significant VAT loss to the Treasury and believes that MTD will play a major role in reducing this.

Are you making best use of the reliefs and allowances for the tax year ahead?

20 April 2018

As we start another tax year, it is worth reviewing the tax reliefs and allowances you are entitled to, which have been refreshed and, in some cases, changed. There are now many reliefs and allowances for different types of income but, depending on what type of income is received, a liability to tax could now arise due to changes in the annual tax allowances for particular income categories.