Latest Blogs in Business Tax
Jaimie King
19th November 2018 Charities small trading tax exemption to increase

During the Autumn Budget on 29th October 2019, it was announced that the small trading tax exemption limits for Charities is set to increase.   The exemptions apply to Charities who trade outside of their primary purpose. A Charity will not pay tax on trading profits that are a part of the Charity’s primary purpose…

Richard Alecock
9th November 2018 HMRC letters to businesses affected by MTD for VAT

HMRC have started to send out their first wave of what they are calling “encouragement letters” to businesses within the scope of MTD for VAT. The letters are being sent to businesses which are currently eligible to join the pilot.  They are not being copied to the businesses’ agents. The first wave is 20,000 letters…

Whitings LLP
8th November 2018 New guidance for employers

HMRC has issued the October 2018 Employer Bulletin which contains a number of articles relevant to employers on payroll related issues. The articles cover a number of areas including: clarification of the rules regarding paying employees when the regular payday is a non-banking day dealing with PAYE Settlement Agreements and new procedures to accommodate Scottish…

Jeannette Hume
8th November 2018 EIS: v2?

Observers of recent Budgets will have noticed that the Chancellor has made several references to “EIS Knowledge Intensive Funds”, as a new initiative to help finance growth in innovative firms. He has even invented a new phrase to describe this type of funding: ‘Patient Capital’. The initial March 2018 Consultation Paper has now closed for…

Philip Peters
8th November 2018 Capital allowances changes

A number of changes to capital allowances were announced at the Budget, including an increase in the Annual Investment Allowance (AIA), for two years to £1 million, in relation to qualifying expenditure incurred from 1 January 2019. The AIA is currently £200,000 per annum. Complex calculations may apply to accounting periods which straddle 1 January…

Whitings LLP
8th November 2018 Entrepreneurs’ Relief changes

The government announced, as part of the Budget, that some changes are being made to the rules for Entrepreneurs’ Relief (ER) with immediate effect for disposals on or after 29 October 2018. Two new tests are to be added to the definition of a ‘personal company’, requiring the claimant to have a 5% interest in…

Whitings LLP
8th November 2018 Making Tax Digital for VAT public pilot opens and deferral for some businesses

HMRC has opened the Making Tax Digital for VAT (MTDfV) public pilot. However certain VAT-registered businesses (around 3.5% according to HMRC) with more complex requirements will be deferred from being subject to MTD for six months. Essentially, the public pilot is now open to sole traders and companies using standard VAT accounting. This applies whether…

Andrew Band
2nd November 2018 Increase in Annual Investment Allowance

The government has announced an increase in the Annual Investment Allowance (AIA) to £1 million in relation to qualifying expenditure incurred from 1 January 2019. Since 1 January 2016 the AIA limit has been £200,000.  It may be worth deferring planned significant capital expenditure as, I am sure you will agree, the additional £800,000 relief…

Whitings LLP
31st October 2018 Budget 2018: IR35 rules change for private sector

The Autumn Budget 2018 confirmed that many private sector contractors will no longer be responsible for deciding if they are caught by the IR35 rules. Engagers who are medium or large organisations will now decide the IR35 status of the PSCs they contract with. What will constitute a medium or large organisation? It is not…

Ian Piper
30th October 2018 Budget 2018: What’s in it for TechCo’s

Philip Hammond’s much predicted ‘End to Austerity’ Budget was a lot more positive than similar pronouncements of recent years. Although UK growth is still sluggish (predicted at 1.6% for 2018), higher than expected tax revenues have enabled the public purse strings to be loosened. Announcements that will be of interest to technology SME’s include: New…