Helpful Tips

Helpful Tips

• As part of its Making Tax Digital initiative, HMRC is consulting on ways to simplify the range of penalties, sanctions and rates of interest across the main taxes, income tax self-assessment, corporation tax and VAT
• The Finance Bill 2017-18 will contain a number of specific reforms to the taxation of employee expenses, but will stop short of a major overhaul of the current rules, after responses to a consultation earlier this year indicated that they are generally fit for purpose
• Interest on late payment of the main taxes increased from 2.75% to 3% with effect from 21 November. Interest on repayments of tax is unchanged at 0.5%.
• It has been announced that the National Insurance Contributions Bill will be introduced in 2018. As a result, the proposed new measures, including the abolition of Class 2 NICs, changes to the treatment of termination payments and changes to the treatment of sporting testimonials, will not now take effect until April 2019.
• Administrators to Multiyork Furniture Ltd, have announced that the company will begin a process of orderly wind down with the loss of 112 jobs, after no acceptable buyer emerged for the retailer
• The Financial Reporting Council has completed the first triennial review of Financial Reporting Standard 102 and has announced a package of amendments to address implementation issues. So even more changes are imminent
• HMRC have updated PAYE guidance to reflect a new address for submitting appeals against PAYE penalties:
  • DM PAYE Late Payment Penalties
    HM Revenue and Customs
    BX9 1EW

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice