My faith in the business/common sense of the government has been restored - they listened to the Treasury Select Committee who advised that it made much more sense to start with the larger businesses and operations and then work down to the smaller businesses. The common theme in all of the Treasury Select Committee meetings was that this is a very good idea, but it just needs to be introduced correctly. So, in summary:
From April 2018: All unincorporated businesses (i.e. self-employed individuals and partnerships), and landlords will be required to do quarterly reporting to HMRC if they have profits chargeable to income tax, and pay Class 4 NIC and the business turnover is GREATER than the VAT threshold.
From April 2019: All unincorporated businesses (i.e. self-employed individuals and partnerships) and landlords will be required to do quarterly reporting to HMRC if they have profits chargeable to income tax, and pay Class 4 NIC, and the business turnover is LESS than the VAT threshold.
From April 2019: All businesses that are registered for and pay VAT.
From April 2010: All businesses that pay corporation tax.
We will be contacting all of our clients to ensure that they will be able to achieve these, now, realistic, deadlines!!
More Spring Budget 2017 news to follow shortly.
From April 2018: All unincorporated businesses (i.e. self-employed individuals and partnerships), and landlords will be required to do quarterly reporting to HMRC if they have profits chargeable to income tax, and pay Class 4 NIC and the business turnover is GREATER than the VAT threshold.
From April 2019: All unincorporated businesses (i.e. self-employed individuals and partnerships) and landlords will be required to do quarterly reporting to HMRC if they have profits chargeable to income tax, and pay Class 4 NIC, and the business turnover is LESS than the VAT threshold.
From April 2019: All businesses that are registered for and pay VAT.
From April 2010: All businesses that pay corporation tax.
We will be contacting all of our clients to ensure that they will be able to achieve these, now, realistic, deadlines!!
More Spring Budget 2017 news to follow shortly.
RSS Feed
