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Home » Legislation

Business news and opinion from Evans Weir > Category: Legislation

MTD for VAT comes into force

Making Tax Digital (MTD) for VAT became mandatory for all companies from April 2022. But despite the impending deadlines for registration and first returns to be made under the new scheme, many companies are still not ready, with some suggesting the figure could be as high as 80% of companies not prepared.

  • 18th May 2022
  • Legislation / Making Tax Digital / Tax

What accounting records do I need to keep for my company/business?

As a business owner and/or company director, you have certain obligations around the proper collation and retention of company accounting records. Whilst HMRC and Companies House have changed their stance on digital copies compared to paper versions, the requirement to retain copies of key financial documentation remains.

  • 16th February 2022
  • Accounting Software / Business Advice / Legislation / SME Questions

Crack down on second home tax relief

Second home owners that make their properties available for holiday rentals are being targeted under new rules outlined by the Levelling Up Secretary, Michael Gove. The change to the rules will specifically target those whose second homes are registered for business rates as they are let out for holiday rentals.

  • 10th February 2022
  • Legislation / Tax
Laws and Rules of Accounting

Beware the Phoenix

Company directors considering an insolvency process need to be aware of recently introduced legislation, contained within the Finance Act 2020. The new law has been designed to combat the use of insolvency as a means of avoiding tax liabilities.

  • 18th January 2022
  • Insolvency / Legislation

It’s time to simplify the tax system

As the dust settles on the 2021/22 budget and we absorb another round of tax increases and changes to reliefs and tapers, we are once again reminded of just how complex the UK tax system is. Managing this on an individual level is hard enough, imagine having to control and account for it across an […]

  • 10th November 2021
  • Legislation / Personal Tax / Tax
Laws and Rules of Accounting

Dissolution loophole legislation passes first reading

The Government is working on new legislation to try and stop company Directors using dissolution through strike off as a means of avoiding repayment of liabilities – notably government-backed funding, such as CBILS or Bounce Back Loans. The new law which has had its first reading in Parliament, looks set to become law later this […]

  • 26th May 2021
  • Business News / Legislation

No Business Rates on Second Home Ownership

The current rules around the treatment of second home ownership from a rates and relief perspective are set to be tightened if new proposals set forward by the Government take effect. Minimum Letting Requirement At present a second/holiday home can be registered for business rates if it is intended to be used as a holiday […]

  • 30th March 2021
  • Business News / Investments / Legislation
Laws and Rules of Accounting

IR35 Changes Should be Delayed Indefinitely

Planned rollout of IR35 legislation to the Private sector, which was due to take place on 6 April 2020, has met with renewed criticism, this time with the House of Lords requesting wholesale review of the measures. Due to the Coronavirus outbreak, the introduction of IR35 legislation to cover the private sector, has been put […]

  • 18th May 2020
  • Legislation / Self Employed / Tax
Evans Weir News - Trump and Brexit

Forthcoming IR35 Changes – First Casualties

When new legislation is suggested or introduced by the Government, there will nearly always be winners and losers, those for and those against. Whilst some may tag the anti-lobby as doom mongers, their opinion is normally based on significant past experience and a deep understanding of those likely to be affected. So, when the government […]

  • 4th March 2020
  • Legislation / Self Employed / Tax
Making Tax Digital

DELAYED: New VAT Accounting Procedures for Builders

***UPDATE*** The Government has delayed implementation of reverse charge VAT for construction until October 2020 Original article: Companies in the construction sector need to be aware of changes which are being introduced on 1st October 2019. These changes will affect any VAT-registered construction business that: Buys in construction services from other builders and makes an […]

  • 2nd September 2019
  • Construction / Legislation / VAT

No-deal Brexit notices published

The Government has published a series of technical Brexit notices about what would happen in the event of no Brexit deal being agreed. For businesses, these are likely to be the most useful pieces of information published to date regarding preparation for Brexit. Whilst the Brexit notices consider the worst possible outcome, if they are […]

  • 30th August 2018
  • Brexit / Business Advice / Legislation

Concern about the impact of rent a room relief changes

The Association of Accounting Technicians (AAT) has raised concerns about proposed changes to rent a room relief. In response to the rise in popularity of self-managed letting portals like Airbnb, The Treasury is introducing new rules that reduce the tax-free allowance for landlords, unless they are present for part or all the letting(s). The introduction […]

  • 30th August 2018
  • Legislation / Personal Tax
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