Local professional support - February 2019

Campaigners secure loan charge concession in Finance Bill
Campaigners who were lobbying for the loan charge to be overturned recently secured a modest victory when MPs voted through a late amendment to the Finance Bill. This will require HMRC to report on the loan charge by 30 March 2019 – just before it is due to come into effect. So what will this mean in practice? 

Should a holiday let be treated as a business or an investment?
If you let out a property are you running a business or managing an investment? This matters for one very important reason: tax.

Act now or risk being unable to trade within the EU, HMRC warns
HMRC has recently written to 145,000 VAT-registered businesses across the UK setting out the steps that need to be taken to prepare for a no-deal scenario. The message is stark – act now or risk being unable to trade with the EU.

Late payments – HMRC could help the Government lead by example
If HMRC could accelerate tax refunds by an average of two weeks, that would put an extra £1bn into the UK economy. It would also help the government regain the high moral ground over businesses which cause hardship to their suppliers through slow payments.

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