The impact of IR35 changes
Changes to the rules around IR35 and the legislation being applied rigorously by HMRC is resulting in a number of high profile cases making headlines.
Business news and opinion from Evans Weir > Category: Legislation | Page 2
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.
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.
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.
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.
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]