Let’s take a closer look at exactly when MTD reporting requirements will start. We know the Government is insisting that unincorporated businesses, who are not exempt from MTD (turnover £10,000 or less – not confirmed), or permitted to defer for a year (turnover limit TBA) will commence MTD reporting from April 2018.
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Pensions Protection and Advice
Our article about pensions protection and advice including individual protection and the new allowance
VAT on Failed Venture
A VAT registered business may reclaim input VAT on costs it incurs which are related to taxable supplies which it makes, or will make. HMRC won’t allow a business to reclaim VAT if it doesn’t make any vatable sales. However, that position may not be correct in law.
New Cash Basis
Reporting under MTD is going to be so much simpler if the business uses the cash basis rather than the accruals basis to draw up accounts. Hence the Government wants to widen the scope of the cash basis, and extend a version of the cash basis to landlords.
What We Know About MTD
This week the Government finally issued its response to the MTD consultations, and published some draft legislation which will underpin the MTD filing requirements.
Monthly Newswire 2
Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful.