Newsletter 106

Headlines from our latest newsletter.  Please click on any of the links below for more information:

HMRC OUTLINE MAKING TAX DIGITAL PLANS

HMRC have issued a series of consultation documents outlining further plans for the government’s Making Tax Digital (MTD) initiative - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#HMRC

GOVERNMENT PROPOSE NEW SANCTIONS FOR TAX AVOIDANCE

The government has announced new proposals for sanctions for ‘enablers and users of tax avoidance which is defeated by HMRC’ - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Government

ACCOUNTING STANDARDS AND THE TAX IMPLICATIONS OF NEW UK GAAP

HMRC have updated their guidance on the tax implications of changes to the ‘generally accepted accounting practice’ used to prepare financial statements as many UK companies will be required to apply one of the EU-endorsed IFRS, FRS 101 or FRS 102 over the next few years - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Accounting

HMRC GENUINE AND PHISHING/BOGUS EMAILS AND CALLS

HMRC have issued an update of their guidance on how to recognise genuine HMRC contact be it via email or text - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Phishing

HMRC GENUINE AND PHISHING/BOGUS EMAILS AND CALLS

HMRC have issued an update of their guidance on how to recognise genuine HMRC contact be it via email or text - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Phishing

COMPLAIN TO HMRC - ONLINE

HMRC have always had complaints procedures and have extended these to now include an online form which can be used to make complaints about your self-assessment and PAYE - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Complain

GOVERNMENT URGED TO DELAY THE LAUNCH OF LIFETIME ISA

The government is being urged by both pension providers and banks to delay the April 2017 launch of the new Lifetime ISA as they are warning that they will not be ready to offer the savings product by this time - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#ISA

ADVISORY FUEL RATES FOR COMPANY CARS

New company car advisory fuel rates have been published which take effect from 1 September 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Fuel

GUIDANCE FOR EMPLOYERS

HMRC have issued their latest guidance to employers in the August edition of the Employer Bulletin
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Employers

GOVERNMENT URGED TO DELAY THE LAUNCH OF LIFETIME ISA

The government is being urged by both pension providers and banks to delay the April 2017 launch of the new Lifetime ISA as they are warning that they will not be ready to offer the savings product by this time - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#ISA

HMRC OUTLINE MAKING TAX DIGITAL PLANS

HMRC have issued a series of consultation documents outlining further plans for the government’s Making Tax Digital (MTD) initiative - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#HMRC

Start Up Loans Scheme

The Government backed scheme launched in September 2012 has apparently seen over £72million written off or fall into default according to the British Business Bank.

If correct this represents 31% of the total monies loaned under the programme and is a sum greater than the amounts so far repaid in the last 4 years. Questions are being asked regarding why taxpayers are seemingly funding a scheme where success is measured more by the amount of money which passes out the door and the speed with which this is achieved rather than by the commercial returns coming back in.  A spokesman for BIS says that “over a quarter of a billion pounds has gone out to entrepreneurs through the scheme, creating thousands of jobs and generating a return on investment to UK plc of £3 for every £1 spent”  (Independent i)

That comment from BIS serves only to reinforce the fact that they are fully aware of what is going out whilst not fully understanding perhaps that if companies cannot repay their loans then they are presumably in difficulty and will be reducing payroll rather than extending it further and not providing a return on investment at all !