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December 2018

HMRC delays MTD for businesses below the VAT threshold

It has been announced by HMRC’s Making Tax Digital (MTD) team that plans still remain in place for VAT registered businesses, but the wider extension of the MTD programme for non-VAT registered businesses will be delayed, due to Brexit and the Government resources being stretched.

Claiming back VAT on a vehicle purchase

Generally speaking, the purchase of any vehicle where there is any element of private use means any reclaim of VAT may be restricted. HMRC’s website offers the following guidance:  

Changes to Capital Gains Tax

Currently a capital gain that is made by an individual UK resident is reported through the self-assessment tax return regime. This means that if an individual disposes of a property during the year ended 5 April 2019, it will be notified on the individuals 2018-19 tax return, which does  not need to be submitted until January 31, 2020 with the tax due on that same day. 

How to spot a HMRC scam

Fraudsters will disguise themselves as HMRC and other government departments/professional bodies to: •    Obtain personal details which they will sell or use for identity theft, •    Coax victims into handing over money, •    Use victims’ details to steal money from their accounts.   

New Academies Financial Handbook 2018

The new handbook came into effect on 1 September 2018.  Although similar to the 2017 handbook, certain key items have been headlined at the front of the 2018 handbook as the “top ten musts” for chairs and trustees. These “musts” focus on three core functions of governance:  

EU council gives e-books VAT-free status

In early October, the EU’s Economic and Financial Affairs Council (Ecofin) decided to green-light a proposal for e-books to have the same VAT-free status as their printed counterparts.