Newsletter...
August 2018 - ENEWS
In this month’s Enews we report on Making Tax Digital for VAT and the Bank of England interest rate rise. Meanwhile the Scotland Parliament introduces a tax relief for first-time buyers and the UK government has published the next round of draft tax legislation. With reminders that the Marriage Allowance and Tax-Free Childcare are under claimed there is lots to update you on.
- Making Tax Digital for VAT
HMRC has published further information on Making Tax Digital for VAT (MTDfV). The VAT notice sets out some further details of the MTDfV regime, which will ultimately require taxpayers to move to a fully digital tax system.......read more - Bank of England raise interest rate
The Bank of England has raised the interest rate from 0.5% to 0.75%. The quarter of a percentage point rise sets the rate at its highest level since March 2009. The rise in the interest rate will no doubt increase the interest costs of residential mortgages that have variable or tracker rates. It will be interesting to see if the rise in the rate is passed on to savers........read more - Scotland introduces relief for first time buyers
First-time buyers in Scotland will be helped to purchase their first home through a new tax relief which applies to Scottish Land and Buildings Transaction Tax (LBTT). According to the Scottish Parliament approximately 80% of first-time buyers will pay no LBTT once the LBTT First Time Buyer relief takes effect......read more - Next round of tax draft tax legislation published
The government has published draft legislation for Finance Bill 2018-19 which is currently open for consultation, and ‘continues the government’s commitment to a competitive and fair tax system’. The draft legislation could affect a range of taxes, from Stamp Duty Land Tax (SDLT) to income tax.........read more - One million couples still eligible for £900 tax boost
HMRC has highlighted that three million UK couples have already taken advantage of Marriage Allowance but a million more are still eligible for the tax break.........read more - Consultation on pensions cold calling ban
HMRC has launched a consultation on draft proposals to ban pensions cold calling. Under the proposals, unsolicited marketing calls relating to pensions could be banned, alongside cold calls that offer a ‘free pension review’..........read more - Use Tax-Free Childcare over the summer holidays
The Government is reminding ‘stressed out parents’ that help may be available for childcare costs during the summer holidays. According to a YouGov poll, 31% of parents feel stressed trying to arrange childcare for the school holidays. The poll, for HMRC, also found that around 30% of parents worried about balancing their job and school holiday childcare.......read more
Previous ENEWS Archives
April 2019 | March 2019 | February 2019 | January 2019 | December 2018 | November 2018 | October 2018 | September 2018 | August 2018 | July 2018 | June 2018