Many tax professionals have always believed that the timetable for introducing MTD for businesses was too ambitious. When the project was delayed by the EU referendum and the General Election, it became clear that hitting the target commencement dates would be impossible, so a revised timetable has been proposed:
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Winding-up a company
From 6 April 2016 distributions made to individuals on the winding-up of a close company can be subject to a targeted anti-avoidance rule (TAAR). This TAAR seeks to charge income tax rather than CGT on the distribution if four conditions are met, as we outlined in our newsletter on 25 August 2016.
Trust tax returns and registration
As we explained in our newsletter on 6 July 2017 there are currently 62 circumstances in which the SA return for 2016/17 should not be filed online, as to do so would generate an incorrect tax computation. The ICAEW has uncovered another situation which will affect many discretionary trusts, and there may be more circumstances yet to surface.
Money laundering regulations
The money laundering regulations have been around for 10 years. All accountants need to be aware of their obligations under those regulations and keep our staff fully up to speed with any changes to the law.
What are the facts?
When you tell us you have sold your home and garden do we assume that the gain will be completely covered by the main residence exemption for CGT, or do we question you further? Experience shows that establishing the facts can avoid a difficult tax investigation in the future.
Problems with SA filing
Personal tax is now so complicated that it can require a complex algorithm to work out the most beneficial off-set of allowances against classes of income for an individual taxpayer. We explained the problems this is causing in our newsletters on 30 March and 27 April 2017.