Next year sees the rollout of the extension to Making Tax Digital for self-employed people, which means accountants need to start preparing their clients, explains Lee Murphy, managing director at The Accountancy Partnership The Making Tax Digital (MTD) pilot scheme was launched for self-employed people in March 2018, with plans to roll it out further.…
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HMRC have published company car advisory fuel rates for use from 1 September 2021. The rates apply when employers reimburse employees for the cost of fuel for business travel in their company cars or require employees to repay the cost of fuel used for private travel. HMRC review rates quarterly on 1 March, 1 June,…
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UK Net Zero Business Champion, Andrew Griffith MP, has sent a letter to industry sectors encouraging smaller businesses to cut emissions in half by 2030 and commit to net zero by 2050. Businesses in manufacturing, retail and technology have been targeted as part of the government’s “Business Climate Leaders” campaign, launched in advance of the…
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As artificial intelligence (AI) becomes more mainstream accountants need to lead the way in adopting it as part of environmental, social and governance (ESG) reporting, says the Association of Chartered Certified Accountants (ACCA). A new report by ACCA and Chartered Accountants Australia and New Zealand (CA ANZ) states that the accountancy profession, with its…
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A survey by accountancy firm BDO found that 91% of mid-sized businesses overwhelmingly support a change to the tax year from 4 April to 31 December. Nine out of 10 mid-sized businesses believe that this is the right time to change the date after the Office of Tax Simplification (ONS) announced in June that it…
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Previously accepted comparables used for establishing a company’s transfer pricing policy might not be comparable due to the impact of the pandemic, warn David Whitmer, transfer pricing practice leader and Srinidhi Tuppal, transfer pricing manager at Kreston Global With only over 13% of the total world population fully vaccinated against the Covid-19 virus, the world…
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Reform of the overly complex research and development (R&D) tax credits system is long overdue and would release funding for innovation, argue Daniel Kyle, James Rolfe and Steven Smith, senior tax consultants at Leyton UK For over 15 years the UK has suffered from productivity stagnation, and since the Brexit referendum, low business investment. Despite…
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The tax implications of buying, using and selling cryptoassets from the point of view of a person (an individual or a company) carrying on, or intending to carry on a business. Suggested approach In the absence of tax legislation relating specifically to cryptoassets, we must apply general principles with help from HMRC’s Cryptoassets Manual. One way…
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Late payment continues to be a chronic problem small enterprises face. As the business community looks forward to a post-pandemic trading landscape, we look at what practical steps can be taken to reduce instances of late payment. For small enterprises, in particular, navigating the pandemic has been challenging to say the least. Ensuring a stable…
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The Society of Trust Practitioners (STEP) has claimed that HMRC’s proposals to reform accounting basis periods will push all small businesses and landlords into the Making Tax Digital (MTD) income tax reporting scheme on 6 April 2023.
