Making tax digital: patience is a virtue
Over the course of the last few months, organisations around the UK have braced themselves for the introduction of making tax digital for VAT (MTDfV). While a lucky few ‘complex’ organisations have a six-month deferral, most have one date in mind: 1 April 2019. However, timing your registration for this new system must be carefully planned to ensure that you don’t sign up too soon.
Where does control lie in the battle over TV stars’ tax?
The recent tax case relating to Lorraine Kelly shows how important it is that television personalities, and other people too, can argue successfully that they control their own work and therefore should not be taxed as employees. For 40 years or more HMRC has been seeking a simple distinction between employment and self-employment but has so far failed to find one.
More friction not less: recovering VAT on goods entering the UK
From 15 July this year some businesses holding all the usual import VAT evidence may be refused the right to recover import VAT because they do not own the goods in question at the point at which the UK import declaration is submitted. While toll (or contract) manufacturers have been singled out in newly published guidance, this change could be a nasty shock for many other UK organisations importing goods into the country. Perversely, as the UK works to reduce the friction of cross-border trade in goods, this policy announcement could cause significant disruption.
Non-resident? Don’t be caught out by CGT
Until relatively recently Capital Gains Tax has only applied to UK residents. However, changes have been taking place since 2015 which now mean that non-UK residents can be taxed on the disposal of UK real estate. Real estate owners need to be aware of their new CGT obligations as HMRC is already charging penalties for unpaid tax and late returns.