The government are offering compensation to those who have been affected by problems with the implementation of Tax-Free Childcare.
New company car advisory fuel rates have been published which took effect from 1 September 2017. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
The Pensions Regulator (TPR) has confirmed than eight million employees have signed up for a workplace pension since the launch of automatic enrolment.
The government has announced a revised timetable for the introduction of Making Tax Digital for Business (MTDfB).
The Office for Tax Simplification has published their recommendations on simplifying the corporation tax computation.
By now, you should be aware that the system for making Returns to HM Revenue & Customs is changing, with more frequent reporting and the requirement to maintain records in a digital format – Making Tax Digital (MTD). By 2020, HMRC expects every individual and business to have access to a digital tax account and the annual Tax Return will have been abolished.
HMRC have announced that from the end of May 2017 they will be using Real Time Information (RTI) to make adjustments to employee tax codes in-year as and when the need arises.
The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2017, are due for submission to HMRC by 6 July 2017. The process of gathering the necessary information can take some time, so it is important that this process is not left to the last minute.
With the announcement of a snap General Election on 8 June the time available for scrutinising proposed legislation was short so the Finance Act was rushed through Parliament. Many clauses have not made it to the final legislation due to time constraints. These include the provisions to enable Making Tax Digital, changes for Non Domiciled individuals and corporate losses.
Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare, will be launched from 28 April 2017.