MPs outline new Making Tax Digital timetable

Expected to impact more than 3m small businesses of self-employed and landlords, Ministers have announced next steps for the Making Tax Digital initiative such that:  – only businesses with a turnover above the VAT threshold (currently £85,000) will have to keep...

New State Pension And Contracted-Out NICs

Most people will be aware that the state retirement pension system has changed for people who reach state pension age on or after 6 April 2016 – that is men born after 5 April 1951 and women born after 5 April 1953. The full new state pension is currently...

VAT and the Option to Tax – Land

Supplies involving land are generally exempt from VAT as set out in group 1 in VATA 1994 Sch 9, although there are numerous exceptions.  If a landowner wants to charge VAT on his supplies, they must make an election with HMRC – hence the phrase “option to...

What is this “Dementia Tax”?

The Conservative Party Manifesto announcement and subsequent U-Turn on the requirement to pay for social care may have caused many voters to switch their allegiance in the June Election. Although this so-called “Dementia tax” is not strictly a tax, paying...