In May we reported concerns that changes to the rules on Entrepreneurs’ Relief would lead to retrospective taxation. The Government now appears to have taken note of these concerns and amended the Finance Bill 2016 to remove the possibility of retrospective taxation – at least in some circumstances. Entrepreneurs’ Relief was introduced by the Treasury… Read more…
The Financial Secretary to the Treasury, David Gauke MP, has confirmed in a letter to the Treasury Select Committee that HM Revenue & Customs plans to require businesses to make quarterly tax returns using “designated software packages” as part of its Making Tax Digital (MTD) initiative. Previously, it was understood that businesses would be able… Read more…
The Small Business, Enterprise and Employment Act 2015 provided for a range of measures which will affect the information you give to Companies House. A number of the more significant measures in the Act came into effect on 30 June. These include the introduction of confirmation statements, the requirement for information on people with significant… Read more…
On 23 June 2016 the UK public spoke and decided to take the country out of the EU. As the UK begins the process of leaving the EU, many businesses will be wondering what is around the corner. The first thing is that the UK is unlikely to leave the EU within the next two… Read more…
From 6 April 2016, the annual Rent a Room limit increased from £4,250 to £7,500 for the 2016/17 tax year. The Rent a Room scheme allows owner occupiers and tenants to receive tax-free rental income if they provide furnished accommodation in their main home. Automatic exemption from rental income occurs if the gross receipts are… Read more…
According to the latest figures around 3,000 suspected cases of serious tax evasion were referred by HM Revenue & Customs (HMRC) for specialist investigation for the second year running last year. This is an eight per cent increase in the number of cases handed over to the Revenue’s dedicated evasion referral team by its local… Read more…
ACCOUNTANCY AGE reveal for the 2016 British Accountancy Awards, Another 10 judges will join the existing panel of judges in due course. The judges list: James Abbott, president, UK200 Group Sue Almond, head of audit and assurance, Grant Thornton Richard Anning, head of IT Faculty, ICAEW Paul Aplin, partner, AC Mole & Sons & vice-president,… Read more…
Salhan Accountants win Independent Firm of The Year – Midlands. Click below to see the full list: http://www.accountancyage.com/aa/news/2436419/british-accountancy-awards-2015-the-winners
Trustees of the IFRS Foundation, responsible for the governance and oversight of the IASB, have outlined a series of changes, as follows: The board will be cut from 16 to 13 members The geographic distribution of members will be altered by combining the North American and South American allocations into a single ‘Americas’ category. The… Read more…
THE TREASURY has begun searching for a new permanent tax director for the Office of Tax Simplification, after current director John Whiting decided to finish after six-and-a-half years. On 13 June, the Treasury confirmed Whiting is to step down from the role which he has served in since the OTS’ formation in 2010. The Treasury… Read more…
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