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Our own Ian Johnson and some of the Ashgates employees visited one of our clients Beckside Care Farm last week. Beckside Care Farm recently named one of their first born Alpacas after Ian due to their appreciation for the work he has done, and this was the first time they had met. Beckside Care Farm was able to give the group a tour of the farm which included feeding the various animals and sharing some of their amazing success stories. We would like to say a huge thank you to Beckside Care Farm for having us and we look forward to visiting again in the future. HMRC have published the updated rates for mileage claims on company cars that take effect from 1 September 2018. For the first time they have announced a rate applicable to electric cars, but hybrid vehicles continue to be treated as either petrol or diesel.
The Government has started to publish a series of guides on how to cope with Brexit in the event that no deal is reached with the EU. One of these is titled "VAT for businesses if there's no Brexit deal" and a second is titled "Trading with the EU if there's no Brexit deal".
Following the recent announcement by HMRC that they would increase interest rates on late paid tax the new rates have been confirmed.
Reacting to the change in the Bank of England base rate yesterday HMRC have confirmed that their rate of interest for late payment of various taxes will be increased, although the exact amount of the change has still to be announced.
HMRC interest rate changes will come into effect on 13 August 2018 for quarterly instalment payments and 21 August 2018 for non-quarterly instalment payments. Repayment interest rates remain unchanged. The department intends to provide updated information on the interest rates for late payments shortly. Until the announcement, late payment interest rates were fixed at 3% and repayment interest rates at 0.5%. The announcement, and further updates by HMRC, can be found on their website. 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.
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.
The Marriage Allowance allows certain couples, where neither pay tax at more than the basic rate, to transfer 10% of their unused personal allowance to their spouse or civil partner, reducing their tax bill by up to £238 a year in 2018/19. The allowance was introduced in 2015 and it is possible to backdate the claim to earlier tax years. Please contact us if you would like to know more about this allowance and whether you are eligible. Internet link: GOV.UK news 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’.
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.
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