scottish tax Archives - WRLO Accountants

August 2018 news

WRLO Accountants — Thu, 09 Aug 2018 10:18:04 +0000

In this month’s Enews we report on Making Tax Digital for VAT and the Bank of England interest rate rise. Meanwhile the Scotland Parliament introduces a tax relief for first-time buyers and the UK government has published the next round of draft tax legislation. With reminders that the Marriage Allowance and Tax-Free Childcare are under claimed there is lots to update you on. Making Tax Digital for VAT Bank of England raise interest rate Internet links: BBC news CBI news Scotland introduces relief for first time buyers Next round of tax draft tax legislation published One million couples still eligible for £900 tax boost Consultation on pensions cold calling ban Use Tax-Free Childcare over the summer holidays Making Tax Digital for VAT HMRC has published further information on Making Tax Digital for VAT (MTDfV). The VAT notice sets out some further details of the MTDfV regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) will be required to keep digital records for VAT purposes using ‘functional compatible software’ and provide their VAT return information to HMRC via an application programming interface. This notice explains: the […]

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May 2018 news

WRLO Accountants — Sat, 05 May 2018 16:36:41 +0000

In this month’s eNews we report on the latest announcement from HMRC regarding Making Tax Digital. We also consider the looming deadline for GDPR, changes to tax reliefs following the Scottish Budget and issues to do with EMI share options. With articles on benefits in kind forms P11D,the VAT fuel scale charges and a new benefits exemption for workplace charging of employee vehicles there is lots to consider. Changing priorities at HMRC GDPR compliance deadline looms Tax reliefs following the Scottish Budget EMI options may not qualify for tax relief P11D deadline approaching VAT fuel scale charges HMRC consultation on benefits exemption for workplace charging facilities Changing priorities at HMRC Over the coming years, the government plans to phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system. However HMRC has shared a statement about how they are prioritising change in the department and as a result some parts of MTD will be delayed. HMRC has acknowledged the challenges in: exiting the EU and the ambition to become the world’s most digitally advanced tax authority. While some of the finer details are still being decided, HMRC have announced that, to achieve […]

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January 2018 news

WRLO Accountants — Thu, 04 Jan 2018 11:57:26 +0000

In this month’s eNews we report on the government’s proposals on auto enrolment, the Scottish draft budget and their plans for five income tax rates and changes to Land and Buildings Transaction Tax. We also include an announcement from the Welsh Assembly on the proposals for Land Transaction Tax. With details of an HMRC iTunes scam and the withdrawal of options to pay HMRC at the Post Office and via personal credit card there is lots to update you on. Scottish Draft Budget Land and Buildings Transaction Tax and First-Time Buyer Relief Welsh Land Transaction Tax Proposals to extend pensions auto enrolment to younger workers Paying HMRC? Not at the post office or by credit card HMRC warning about iTunes gift card scam Scottish Draft Budget Finance Secretary Derek Mackay delivered the 2018/19 Scottish Draft Budget on Thursday 14 December 2017 setting out the Scottish government’s financial and tax plans. The Scottish government has the power to set the rates and bands of income tax (other than those for savings and dividend income) which apply to Scottish resident taxpayers. Since 6 April 2016 the rates and bands of Scottish income tax have been frozen at 20% and the Scottish higher and […]

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