Pension scheme rules are complicated, and they are constantly changing. It is thus essential that clients take advice from a qualified independent financial adviser before drawing funds from their pension scheme, or using those funds to invest in business assets.
Where our clients work as contractors through their own personal services companies (PSC), we will be aware of the IR35 rules which have been around since April 2000. From 6 April 2017, the impact of the IR35 rules is about to change significantly for contractors working in the public sector.
Some employers have been taxing certain benefits in kind through the payroll (known as “payrolling”) for some years. From 6 April 2016 payrolling became a statutory choice for all employers, as we explained in our newsletter on 11 February 2016.
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.
Our article about pensions protection and advice including individual protection and the new allowance
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.