Finally some detail on Making Tax Digital requirements for businesses
The new draft legislation sets out precisely what information sole trader and partnership businesses will have to keep digitally and which will form the basis of their quarterly returns to HMRC. Businesses can now at least start to consider whether their current record-keeping system will be compatible with MTD and, if not, what changes have to be made.
More changes afoot for partnership taxation
As expected, the draft legislation includes provisions aiming to remove uncertainty and provide clarity on the taxation of partnerships. We look at the main proposed changes.
When is a van not a van? When it’s car
A recent First Tier Tax Tribunal decision leaves many employees facing heavy tax bills on company cars that they thought were vans. Employers will need to consider settling the bills on their behalf to avoid having disgruntled employees. The Tribunal gave some useful guidelines on the distinction between a van and a car, but the position remains hopelessly unclear, especially with misleading HMRC guidance.
Post-holiday divorce – but what about the tax implications?
To add to the post-holiday blues, the UK expects a peak in the divorce rate in August as couples look to part ways after spending too much time together over the summer, but what about the tax implications?