Back in the 2016 Budget, the Government announced that it was again considering making changes to the tax treatment of salary sacrifice for benefits in kind. The Government’s policy paper was published in December 2016.
The Commons Treasury Select Committee has recently published its report into the HMRC Making Tax Digital project. The Committee recognised the benefits that could arise from electronic tax reporting, but made strong recommendations to HMRC regarding the income level at which taxpayers would come within the scheme and the timetable for the introduction of the scheme.
In September, Peter Owen, Ecovis’ Head of Tax, laid out the basics of the Governments plans to introduce a new digital tax system. In this article, several concerns are highlighted, including the potential administrative and financial burden that could be imposed on SME’s as a result of the proposed changes. Since then the government has consulted with a wide range of businesses and industries who are concerned about the potential for increased compliance burden and more red-tape.
Highlights of the 2016 Autumn Statement from the Tax experts at Ecovis Wingrave Yeats
We are set for an intriguing Autumn Statement from the new Chancellor. Even if George Osborne had kept his job, the Autumn Statement would have had to deal with the economic fallout from Brexit. Philip Hammond will of course make important announcements on this and has hinted at the potential need to ‘reset’ fiscal policy. That has been interpreted by some commentators as a hint that the government would tone down its commitment to spending cuts.
HMRC are pushing ahead with the Government’s plans for a fully digital tax system by 2020. A digital tax system will operate much more closely to ‘real time,’ with information being sent more regularly to HMRC than it is currently. Declaring information on an annual tax return, which is filed up to 10 months after the tax year ends, will become a thing of the past.
Ever wanted to know what the payback on R&D Claims is in SIMPLE terms, but found no-one to explain it properly? Well, here goes:
The taxation of dividends is changing with effect from 6 April 2016 and for shareholders of Owner Managed Businesses (OMBs) the new rules may well prove to be more costly.
A major reform has been announced on the taxation of dividends in the Budget to take effect from April 2016.
Over the past couple of months there have been major changes to the annual and lifetime pensions allowance. Roger Morgan, ECOVIS Wingrave Yeats’ Director of Tax summarises the changes.
Matt Tomkins, a chartered accountant here at ECOVIS Wingrave Yeats was offered the opportunity in March 2015 of spending some time working in Munich, Germany. Here he talks about some of the things he learnt during his time there.