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.
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.
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.
You are no doubt aware that the SRA is currently undertaking a consultation process on the new SRA accounts rules 2011, which look at the handling of client money.
In short, a book of detailed guidance and rules is being condensed and ‘simplified’ to around six pages, comprising of 13 key rules.
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.
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.