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Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful.
LEARN FROM THE BEST
We can all learn something from the world’s leading businesses like Apple, Google, Salesforce and Amazon. These firms have invested millions of pounds in order to find new and better ways to run their various business lines. Here are some tips that can apply to almost any business:
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Welcome to our latest monthly tax newswire. We hope you enjoy reading this newsletter and find it useful. Contact us if you wish to discuss any issues further.
DOES YOUR ACCOUNTS SYSTEM COMPLY WITH MTD FOR VAT?
Making Tax Digital (MTD) for VAT is scheduled to start in April 2019 which means that your VAT information needs to be submitted to HMRC digitally.
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Many entrepreneurs seek funding for their bright ideas through crowdfunding sites such as Kickstarter. The prospective investors are asked to choose between set levels of funding, and in return are promised a package of rewards which varies according to the level of funding provided.
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HMRC regularly receives data on interest payments made by banks and building societies. In the past it has used this information to check that taxpayers were reporting the correct amounts on their tax returns.
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Tax practitioners who deal with a lot of trusts and estates have noticed a problem with trusts which have made capital gains – in nearly every instance the CGT due has been calculated incorrectly by HMRC.
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The one thing you may remember about the IHT rules for gifts is: “lifetime gifts are PETs”. A PET is a potentially exempt transfer which is only subject to IHT if the donor dies within 7 years of the date of the gift.
