In May we reported concerns that changes to the rules on Entrepreneurs’ Relief would lead to retrospective taxation. The Government now appears to have taken note of these concerns and amended the Finance Bill 2016 to remove the possibility of retrospective taxation – at least in some circumstances.
The Financial Secretary to the Treasury, David Gauke MP, has confirmed in a letter to the Treasury Select Committee that HM Revenue & Customs plans to require businesses to make quarterly tax returns using “designated software packages” as part of its Making Tax Digital (MTD) initiative.
The Small Business, Enterprise and Employment Act 2015 provides for a range of measures which will affect the information you give to Companies House.
On 23 June 2016 the UK public spoke and decided to take the country out of the EU. As the UK begins the process of leaving the EU, many businesses will be wondering what is around the corner.
From 6 April 2016, the annual Rent a Room limit increased from £4,250 to £7,500 for the 2016/17 tax year.
According to the latest figures around 3,000 suspected cases of serious tax evasion were referred by HM Revenue & Customs (HMRC) for specialist investigation for the second year running last year.