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Home » News & Insights » Information Snippets

Information Snippets

Posted on 26th July 2019

  • HMRC’s annual report for 2018-19 promotes an optimistic set of headline achievements but pays less attention to baggage that is holding it back from its long-term goal to become “the most digitally-advanced tax authority in the world”.
  • The largest trade association in the UK construction industry has called on the government to put October’s VAT reverse charge on ice following news that two-thirds of small builders have not even heard of the plans.
  • From April 2020, the employment allowance is to be restricted to those with only secondary Class 1 NICs of less than £100,000. Samantha Mann explores the unexpected consequence this proposal will have on affected employers.
  • A client has funded his company via a bunch of personal credit cards that he transferred every six months or so, occasionally incurring bank charges. Beware! HMRC do not allow the interest as a business expense, even if the expenses are wholly, exclusively and necessarily for the company
  • Global tech-watchers have been gossiping in recent weeks about lively growth figures for Microsoft Teams, a corporate communications platform that attracted the label “Slack-killer”. (Slack being a similar product)
  • High income child benefit charge:  As HMRC announces the refund of 6,000 late notification penalties, it is a reminder that the charge can be complicated and risky for taxpayers and advisers.
  • While the current IR35 (off-payroll working) rules don’t work perfectly, the government’s proposed changes are cause for concern and may have unintended consequences for UK business.
  • 25th July 2019: The UK government published the draft clauses today for the next Finance Bill due this autumn.
  • The Government fails to listen to lenders as it presses on with reforms which may stifle UK enterprise. We reported previously that the Government intends to proceed with its proposal to reinstate HMRC as a preferential creditor on insolvency, which could spell disaster for UK businesses, lenders and the UK economy.
  • With BoJo ensconced as prime minister, attention has turned to the cabinet picks. Of particular interest to accountants is of course,the newly appointed Chancellor
  • The financial secretary to the Treasury (FST) has announced six actions which HMRC will take to maintain and develop public trust in its operations.
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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

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