Did you know you could be fined up to €20 million (or 4% of turnover if smaller) if you don't comply with the new regulations after May 2018?
January is here once again and for accountants everywhere, tax return season is in full swing. HMRC have released its annual list of the most outlandish excuses for not completing a return on time.
On 18 December 2017 HMRC published draft legislation explaining in more detail what will be required when Making Tax Digital becomes compulsory for VAT in April 2019.
Choosing the right year end will not only make life administratively easier for a business, but can give a cash-flow advantage and can create outright tax savings, if the circumstances suit.
New company car advisory fuel rates have been published which take effect from 1 December 2017.
Employers can be fined up to £2,500 for every day that they do not have proper Employers’ Liability insurance.
Employers can also be fined up to £1,000 if they do not adequately display their insurance certificate in the workplace.
As part of the Making Tax Digital programme, HMRC have announced that, from September 2017, some taxpayers will no longer be required to complete a tax return because HMRC will use data it already holds to calculate how much tax they owe.
The P11d benefit charges on company vans are generally much lower than company cars and where private use of the van is merely incidental to its business use by the employee, then there is no taxable benefit at all. But when is a van not a van?