The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when.
It is worth repeating an article we first published March 2016 that highlighted the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2016-17.
Salary sacrifice is a term applied to benefits taken in place of salary. In many respects these benefits provide employees with higher “take home” value than if the benefits were treated the same as cash income. Mr Hammond is mindful to curb this practice as it is intended that the change will add £1bn a year to tax revenues by 2020.
This month’s newsletter includes articles covering: VAT reclaims for a vehicle purchase, a government pledge to cover EU grants and funding, reminder of the Workshop on Workplace Pensions Automatic Enrolment on 14th Sept!
The March 2016 budget seemed to indicate that austerity is still on the Treasury’s road map – balancing the books and reducing debt. Certainly, there were no major surprises. We have outlined a few of the changes disclosed in this newsletter.