HMRC Online Services Problem with 2015/16 Notices to File

Hannah Wilkinson

We have recently come across an issue with the HMRC online service and thought we should let others know.

The online services that HMRC provide has a facility which allows us to see whether a trust tax return has been issued for a specific tax year. This facility, on 2 August 2016, got a ‘bug’ in its system and is showing all trusts as having a tax return issued for the 2015/16 tax year which isn’t necessarily true.

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New farmers’ averaging rules

Ashley Smith

Legislation is currently being progressed through parliament to enable farmers to choose between averaging their profits over two years, five years or not at all. The rules take effect from the 2016/17 tax year.

Farmers will only be able to average their profits if they meet a volatility test, i.e.

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Buy to let – some good news for a change

Hayley Stockwell

The recent taxation changes regarding buy-to-let property have not been favourable. There has been the introduction of the additional 3% Stamp Land Duty Tax on acquiring a second property and the significant reduction in capital gains tax rates announced in the 2016 Budget did not apply to residential property which make both buying and selling a buy-to-let more expensive.

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How might Brexit affect business?

Peter Glading

Lenin once said: “There are decades where nothing happens; and there are weeks where decades happen.”

I guess that after the referendum vote that is particularly true, and who could have predicted the political ramifications that have been played out since the results were announced.

At the moment we just do not know what the long term impact on the nation’s businesses will be, although many commentators are speculating what might or might not happen.

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Making Tax Digital – time to set up your personal tax account

Michael Morter

It is safe to say that HM Revenue & Customs’ (HMRC) plan to ‘make tax digital’ is still in its very early days. We have been eagerly awaiting more information from HMRC but this has been delayed by the EU referendum, a change in Prime Minister and now the Summer Recess – what kind of excuses are they!?

As a result, we are not likely to hear any new information about the plans until mid-September; but that hasn’t stopped HMRC from updating their software.

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