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September 2018 - ENEWS

In this month’s Enews we report on HMRC’s reminder to taxpayers regarding declaring offshore assets and available software for MTD for VAT. We also advise on the latest fuel advisory rates for company car drivers and guidance for employers.

With statistics on Stamp Duty Land Tax and a raft of ‘No deal’ Brexit notices there is lots to update you on.

HMRC warning: time to declare offshore assets
HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new ‘Requirement to Correct’ legislation comes into force. HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties.......read more
Stamp duty cut: 121,500 households save £284 million
According to the latest statistics 121,500 first-time buyers have saved a total of £284,000,000 following the introduction of a relief for first-time buyers under the Stamp Duty Land Tax rules which apply in England and Northern Ireland. Over the next five years, it is estimated that this relief.......read more
Software suppliers - Making Tax Digital for VAT
HMRC is working with more than 150 software suppliers who have said they will provide software for Making Tax Digital for VAT (MTDfV) in time for April 2019. From 1 April 2019, businesses will be mandated to use the MTDfB system to meet their VAT obligations under MTDfV.......read more
Advisory fuel rates for company cars
New company car advisory fuel rates have been published which take effect from 1 September 2018. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car........read more
HMRC latest guidance for employers
HMRC has published the latest edition of the Employer Bulletin. This guidance for employers, and their agents, includes articles on....... read more
‘No deal’ Brexit guidance
The government has issued some ‘no deal’ Brexit technical notices, with the aim of helping both businesses and individuals to prepare in the event of a UK-EU agreement not being realised........ read more

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