Local professional support - December 2018

Parts of Making Tax Digital postponed (again)
It’s now emerged that, as had been feared, HMRC left it too late to launch a pilot MTD exercise for complex businesses. As a result, only straightforward VAT-registered businesses will have to operate MTD from 1 April 2019. More complex businesses will benefit from a six-month extension to 1 October 2019. But how will a business know which category it falls into? And what happens if their status changes?

When is a business property investment not an investment?
Understanding where the line is to be drawn between investment and non-investment assets is critical to securing inheritance tax Business Property Relief. Many taxpayers have tried to argue that their business property qualifies for the relief but have failed. However, a recent Upper Tribunal decision provides a glimmer of hope for taxpayers and their advisers.

Penalties imposed in higher income child benefit charge cases could be refunded
A surprising change of approach relating to penalties in higher income child benefit charge cases is welcome news. Is it too much to hope that this softer stance from HMRC will extend to penalties arising in other unexpectedly complex tax areas? 

Ten top tips to improve your company’s credit score
During these challenging times for businesses, credit scores have become increasingly important in maintaining trade credit from suppliers and in successfully tendering for new business. RSM’s specialist credit score experts work with clients to provide advice and supply various information to credit agencies to improve scores or mitigate adverse impacts.  Our experts offer some top tips for ways in which you can improve your company’s credit score.

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