News and events from TaxCalc
Articles containing the tag "News"
Possible issue with HMRC calculations for Self-Employed National Insurance Contributions (NIC)
If your clients receive a revised assessment of tax due for 2018/19, which includes an adjustment for reducing or eliminating class 2 and/or class 4 National Insurance contributions, it may be incorrect.
If the individual in question is not set up on HMRC’s self-employed database, this could occur because the system will not expect to collect class 2/4 NIC.
HMRC Update on off-payroll (IR35) rules
Whilst a review of the IR35 implementation plans continues in the House of Lords until the end of this month, HMRC have announced changes to the draft legislation.
HMRC has confirmed that the new rules for contractors, working for medium and large-sized companies, will affect services provided after 6 April 2020 and will not be applied retrospectively regardless of payments made after this date. Where the services are performed by the contractor before 6 April 2020 it will continue to be the responsibility of the contractor and their personal service company (PSC) to decide if the work falls within IR35 and pay the right amount of tax to HMRC.Read more
Leaving the EU
The UK is leaving the European Union on 31 January 2020.
Following the General Election on 12 December 2019, the UK Government is implementing the Prime Minister’s Withdrawal Agreement meaning the UK can leave the European Union on 31 January 2020.
Our ‘No Deal’ provisions, including changes to Companies House forms and EC Sales list filing will not be implemented on 31 January 2020; however, they may at a later stage, once government have finalised details. In the meantime, we will continue to monitor the Government's negotiations with the EU and consider potential impacts at the end of the implementation period.Read more
Upcoming legislation: Ultra Low Emission Vehicles
From 6 April 2020 the car and car fuel benefit calculation is changing with the introduction of 11 new bands for ultra low emission vehicles (ULEVs) including a separate zero emissions band. This is to support the Government’s commitment to improving air quality in towns and cities. If your client’s company car has a CO2 emission figure of 1-50g/km, they will need to provide the cars zero emission mileage. This is the distance that the car can travel in miles on a single electric charge.
What with all that’s going on in the world, it’s easy to get overloaded with information. So we’ve brought you the most relevant news and updates relating to your life in practice. Here’s our October roundup of some of the latest changes in legislation, plus pertinent product news and advice.
Our ambition, commitment to innovation and care for customers has made us the fastest-growing company in our sector and recently resulted in our CEO Tracy being shortlisted in the LDC/Telegraph 50 Business Leaders Awards.Read more
Following the introduction of MTD for VAT and the first quarterly submission deadline having just passed on the 7th August, we’ve taken a look through 4 of the common errors encountered with the HMRC MTD portal.
Like most processes any big changes can lead to a question of ‘We can’t know what we don’t know’, if you encounter an error for the first time.
You’ll know how committed we are to enhancing your TaxCalc experience and improving your practice’s performance.
We've listened to your feedback and have made a number of improvements to task management and enhanced the facility to sync data from Companies House.