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May News Bulletin

Welcome to our monthly newswire designed to keep you informed of the latest business and tax issues. Please contact us if you have any questions. Remember, we’re here to help. Click heading for full story

  • Changing priorities at HMRC – HMRC has shared a statement about how they are prioritising change in the department and as a result some parts of MTD will be delayed.
  • GDPR compliance deadline looms – The Federation of Small Businesses (FSB) is warning small and medium-sized enterprises that time is running out for them to prepare.
  • Tax reliefs following the Scottish Budget – The Government has stated that it will ensure that tax reliefs continue to work as they were intended as the new Scottish Income Tax rates and bands are introduced.
  • EMI options may not qualify for tax relief – The Enterprise Management Incentive (EMI) allows selected employees (often key to the employer) to be given the opportunity to acquire a significant number of shares in their employer through the issue of options.
  • P11D deadline approaching – The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2018, are due for submission to HMRC.
  • VAT fuel scale charges – HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2018.
  • HMRC consultation on benefits exemption for workplace charging facilities – HMRC are consulting on the tax exemption which will apply from 6 April 2018 on workplace electric charging facilities used by employees.

To discuss any of these in more detail, call us on 01625 669669