TaxCalc Blog

TaxCalc News February

HMRC Update on off-payroll (IR35) rules

Whilst a review of the IR35 implementation plans continues in the House of Lords until the end of this month, HMRC have announced changes to the draft legislation.

 HMRC has confirmed that the new rules for contractors, working for medium and large-sized companies, will affect services provided after 6 April 2020 and will not be applied retrospectively regardless of payments made after this date. Where the services are performed by the contractor before 6 April 2020 it will continue to be the responsibility of the contractor and their personal service company (PSC) to decide if the work falls within IR35 and pay the right amount of tax to HMRC.

Important information regarding NIC calculations

Possible issue with HMRC calculations for Self-Employed National Insurance Contributions (NIC)

If your clients receive a revised assessment of tax due for 2018/19, which includes an adjustment for reducing or eliminating class 2 and/or class 4 National Insurance contributions, it may be incorrect.

If the individual in question is not set up on HMRC’s self-employed database, this could occur because the system will not expect to collect class 2/4 NIC.

TaxCalc News January

Leaving the EU

The UK is leaving the European Union on 31 January 2020.

Following the General Election on 12 December 2019, the UK Government is implementing the Prime Minister’s Withdrawal Agreement meaning the UK can leave the European Union on 31 January 2020.

Our ‘No Deal’ provisions, including changes to Companies House forms and EC Sales list filing will not be implemented on 31 January 2020; however, they may at a later stage, once government have finalised details. In the meantime, we will continue to monitor the Government's negotiations with the EU and consider potential impacts at the end of the implementation period.

Anti-money laundering sneaks itself on hectic January tax season

For a lot of accountants, January is not the best time to think of anything else other than tax.  As you tuck in to SA return after SA return you may or may not have noticed that following a consultation back in June 2019 the money laundering and terrorist financing (amendment) regulations 2019 (MLRs) came into force on 10 January 2020, updating existing regulations.

Here is a brief summary of some of the key changes within the 2019 regulations.

November news

Upcoming legislation: Ultra Low Emission Vehicles

From 6 April 2020 the car and car fuel benefit calculation is changing with the introduction of 11 new bands for ultra low emission vehicles (ULEVs) including a separate zero emissions band. This is to support the Government’s commitment to improving air quality in towns and cities. If your client’s company car has a CO2 emission figure of 1-50g/km, they will need to provide the cars zero emission mileage. This is the distance that the car can travel in miles on a single electric charge.

In practice: TaxCalc Document Manager powered by SmartVault

In our connected world, people now expect to work and interact remotely – even when it comes to sharing important documentation. For firms preparing sets of accounts and filing tax returns, the traditional method of sending and receiving hard copy documentation is becoming less attractive: the process takes longer, costs more and takes up valuable storage space. Clients are also simply too busy and are accustomed to viewing documents on-screen and printing only when necessary.

October news: New products, advice, MTD and more

What with all that’s going on in the world, it’s easy to get overloaded with information. So we’ve brought you the most relevant news and updates relating to your life in practice. Here’s our October roundup of some of the latest changes in legislation, plus pertinent product news and advice.

Tracy shortlisted in LDC and The Telegraph's Top 50 Most Ambitious Business Leaders

Our ambition, commitment to innovation and care for customers has made us the fastest-growing company in our sector and recently resulted in our CEO Tracy being shortlisted in the LDC/Telegraph 50 Business Leaders Awards.