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February 2018

2018 car tax bands - will it affect me?

New rules for car tax (Vehicle Excise Duty) come into force this year and unfortunately, it can mean a substantial hike in tax for some drivers if your car was first registered on or after 1 April 2017, especially if your car is a diesel vehicle. 

What risks are going wrong in your business? Can you insure it?

Lloyds of London and Moore, will be undertaking a project to assess risks that are specific to food supply, nationally and internationally. 

Tax Diary March

1 March 2018 - Due date for corporation tax due for the year ended 31 May 2017.  

Unexpected VAT charge for UK importers

With no agreement on tariffs, the UK will be treated as any other non-EU trading nation post Brexit. Consequently, UK importers would be required to make an up-front VAT payment in addition to any customs duties. This VAT payment will rank as input VAT that can be reclaimed from HMRC. 

HMRC guidance defines grants and contracts for VAT purposes

HM Revenue & Customs has published updated guidance on the VAT treatment of grants and contracts to clarify which grants are outside the scope of VAT and which are subject to VAT.  

Chancellor calls for a simplification on Inheritance Tax

The Office of Tax Simplification (OTS) has already highlighted inheritance tax (IHT) as an area ripe for an overhaul and now the Chancellor, Philip Hammond, has asked the body to conduct a system-wide review of the current tax regime, and wants to see proposals for simplification, ‘to ensure that the system is fit for purpose and makes the experience of those who interact with it as smooth as possible’.

Tax hurdles and new regulations lead to an 80% slump in buy to let investment

A new report published by the Intermediary Mortgage Lenders Association (IMLA) has revealed that net investment in buy to let property has fallen from £25 billion in 2015 to just £5 billion in 2017 due to excessive regulatory intervention on the sector.