YEAR END TAX REVIEW 2017-2018
The tax system behaves like a hydra monster, no sooner has one head been chopped off, two more grow in its place.
From April 2018 the UK will have three versions of land transaction tax and three types of landfill tax (in Scotland, Wales and the rest of UK). There are also likely to be six income tax bands for Scottish taxpayers. These changes are the result of the devolution of tax powers to Scotland and Wales, but they will impact wider communities. Be thankful that the tax reforms for Northern Ireland have stalled for now.
The dream of tax digitalisation has been punctured by hard reality, so the Making Tax Digital (MTD) programme has been restricted to VAT – registered businesses for the first stage, and delayed by a year to April 2019. The Government fully intends to expand MTD to all businesses and landlords, but not until at least 2020.
As always, if you wish to discuss any of the items below further, or simply for a sane voice to talk through growing your business to the next level, feel free to call us.