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Autumn Budget 2018 Summary

Here at RA Accountants LLP, we have made our Autumn Budget Summary for 2018 available for download in PDF format. To download please click HERE This Summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances. At the back of the Summary you will find…Read More

What is Making Tax Digital?

MTD (Making Tax Digital) is an initiative by HMRC which aims to revolutionise the UK tax system and close off the self-assessment process. What is Making Tax Digital? In December 2015, HMRC produced its Making Tax Digital plan, outlining the objectives for the future of the tax system UK. The initial aims for the first…Read More

Joint and several liability for unpaid VAT

Certain traders can be made liable for the unpaid VAT of another VAT-registered business when you buy or sell specified goods. HMRC have recently updated VAT notice 726 which advises traders to carry out due diligence into their supply chain. The specified goods are any equipment made or adapted for use as a telephone and…Read More

Check your pension savings annual allowance

HMRC have updated their guidance on the rules for carrying forward the unused pension savings annual allowance, together with a calculator on their website. For most taxpayers the maximum amount of pension savings that qualifies for tax relief each tax year is £40,000. It is possible to increase this amount by utilising unused relief brought…Read More

Time to declare offshore income gains and assets warns HMRC

Time to declare offshore income gains and assets warns HMRC HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties. New legislation called ‘Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to…Read More

Guest Blog Post: The Locum Passport

The Locum Passport – join agencies for the benefit of your practice. If you’re reading this post, you’re probably a locum that realises the importance of a good network around you. From financial matters to ethical dilemmas, you’ve created connections with businesses and people alike, that are able to support and add value to your…Read More

Smart Accounting @ the British Dental Conference and Dentistry Show 2018

With less than a month away, we’re doing the final preparations for the British Dental Conference & Dentistry Show (in collaboration with the British Dental Association). Taking place on the Friday 18th and Saturday 19th May, be sure to visit Stand N50 to discover how your practice can benefit from cloud accounting. Rather than wading…Read More

Dental Practices: Digitise your Business Financials with Cloud Accounting

Digital dentistry has provided innovative possibilities for clinicians, influencing the diagnosis, planning, placement and restoration of implants. It has streamlined the clinical workflow and also has the potential to restructure the way you process, engage and review your practice’s business financials. With the rightly advised cloud-based software, you and your practice can explore the key…Read More

Tackling the Plastic Problem – Spring Statement 2018

As widely speculated, the Chancellor announced a call for evidence to explore how changes to the tax system or charges could be used to reduce the amount of single-use plastics, by reducing unnecessary production, increasing reuse, and improving recycling. In the consultation document entitled Tackling the plastic problem: using the tax system or charges to…Read More

Financing Growth in Innovative Firms: Enterprise Investment Scheme Knowledge-intensive Fund Consultation – Spring Statement 2018

Evidence gathered during a recent consultation suggested that knowledge-intensive firms – which have high growth potential but are R&D- and capital intensive – have the most difficulty obtaining the capital they need to scale up. The Autumn 2017 Budget subsequently announced that the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) schemes would therefore…Read More

Security Deposits – Spring Statement 2018

The government announced at Autumn Budget 2017 that the current scope of the security deposit legislation will be extended to include corporation tax and Construction Industry Scheme (CIS) deductions from April 2019. HMRC are now seeking views on proposals for implementing this change to ensure that it is introduced in the most effective way, that…Read More

Cash and Digital Payments in the New Economy – Spring Statement 2018

Digital technology has revolutionised the way people shop, sell, and save, and people are increasingly moving away from using cash. According to government research, cash has fallen from being 62% of all payments by volume in 2006, to 40% in 2016, and is predicted by industry to fall to 21% by 2026. It represented only…Read More

VAT registration threshold: Call for evidence – Spring Statement 2018

At Autumn Budget 2017, the Chancellor recognised that the UK had by far the highest threshold in the OECD and concerns about the cliff edge nature of the threshold. However, he noted that a high threshold has the benefit of keeping the majority of UK businesses out of VAT altogether. He announced that the government…Read More

Entrepreneurs’ Relief – Spring Statement 2018

At present, entitlement to the special 10% rate of capital gains tax may be lost when an entrepreneur’s company issues new shares and as a result causes their personal stake to fall below 5%. A proposal announced at Autumn Budget 2017, will allow an individual in this position to elect to be treated as if…Read More

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