The Spring Statement was always going to take second place to the Autumn Budget but the Brexit debate grabbed the headlines anyway. Yesterday, the Chancellor had little opportunity to make policy announcements, given that Brexit may happen on the 29th of the month, or may not, or may happen but not in a form that we can see at present, or even plan for. Death is now the only certainty that we have. Certainty over taxes has been parked for the present.
Aiming to modernise and improve the UK tax system, the Government’s Making Tax Digital for VAT (MTD) initiative comes into effect from 1 April 2019. Other areas of MTD, such as income tax and corporation tax, have been put on hold until April 2020 at the earliest. Although the initiative is moving slower than planned, MTD will continue to move forward, despite Brexit.
Read our breakdown of the key announcements from the Budget and what these could mean for you. Please get in touch with your Ecovis Advisor, or call us today on +44 (0) 207 495 2244 to discuss your business or personal circumstances.
Currently withholding tax is applicable at the rate of 20% on royalty payments and some IP related annual payments. This rate can be reduced appropriately if there are Double Taxation Agreements (DTA) in place between the countries.
You might have heard about Christa Ackroyd in the news recently. The former BBC Look North presenter is facing a tax bill of up to £420,000 after losing a dispute with HMRC, a judgement that could potentially affect others working in similar conditions.
The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017. His report set out a number of actions the government will take including support for more housebuilding. His view is that the economy continues to grow and continues to create more jobs.