This quarter we provide an update on the government’s new timetable for the roll-out of the Making Tax Digital for Business (MTDfB) programme. HMRC is now allowing a longer period for most businesses to prepare for change. Initially, MTDfB will apply only to businesses whose turnover is over the VAT threshold. These new rules will apply from April 2019.
We also comment on the new Tax-Free Childcare scheme currently being phased in.
Elsewhere in the newsletter, we consider a couple of points relating to property purchase.
The first is in regard to ‘off plan purchase’ of property, that is buying a property, often an apartment, before it is constructed and how this can interact with the capital gains tax rules. A significant case was heard at the First-tier Tax Tribunal on this point, and we examine its importance in our article.
The second considers the role of Lifetime ISAs in buying a first home. This is a form of investment open to adults below the age of 40, and in the article we compare the advantages presented by the Lifetime ISA with those of the Help to Buy ISAs.
In our other articles, we look at:
changes being made by HMRC to PAYE tax codes as part of the Making Tax Digital initiative, which will mean that tax codes are issued more frequently in the course of the tax year
the dangers of phishing emails and what you can do to protect yourself
new data protection rules which are set to revolutionise the data protection landscape
peer to peer lending – a new way to raise business finance.
We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome your feedback.