On 1 December 2017, HMRC published a summary of the responses to its discussion document “Lease Accounting Changes: Tax Response", combined with a new consultation “Leasing: Tax response to accounting changes”, on proposed new rules to take effect from 1 January 2019.
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HMRC has published draft secondary legislation in respect of Making Tax Digital (MTD) for VAT in the form of regulations, a draft explanatory memorandum and draft VAT Notice, for public comment.
On 8 December 2017, HMRC published a new consultation entitled “Tackling the hidden economy: public sector licensing”, which proposes a requirement for licenses to trade conditional on tax compliance.
HMRC have issued the Agent Update for December 2017. We have summarised the key content for you with links to our detailed guidance on the topics covered.
HM Treasury has published a position paper to consider how the international tax framework operates in connection with the digital economy and whether it is flexible enough to deal with the differences in how certain digital business models operate and generate value, compared to more traditional business structures.
On 1 December 2017, HMRC published the response to its “Taxation of employee expenses call for evidence", which closed on 10 July 2017.
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Scotland has set income tax rates for 2018-19, there will be 5 tax bands with a basic rate of 19% and an additional (higher) rate of 46%.
Following the Autumn Budget 2017, HMRC have issued new consultations and also responded to old ones.
- Tackling offshore tax evasion: A requirement to notify HMRC of offshore structures – responses
- New EU VAT legislation and Mini One Stop Shop
- Reliance on an incompetent adviser: a reasonable excuse
- No freestanding right to amend
- Making Tax Digital for Business: Survey of small businesses and landlords
- Rent A Room relief - call for evidence