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Spring Statement 2018

Spring Statement 2018

Following changes to the government's fiscal timetable, Chancellor Philip Hammond presented his first Spring Statement on 13 March 2018. This newsletter summarises the latest news and forthcoming measures that may affect you and your business. For further advice, please contact us. Inside: Measures announced Looking ahead Income tax The new stamp duty regime Making Tax Digital Other key changes for 2018/19 The new Budget timetable: an overview What they said...

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GDPR

Get ready for the new data protection rules

The government is to introduce new data protection rules under the General Data Protection Regulation (GDPR) which take effect from 25 May 2018. Under the GDPR, businesses will have increased obligations to safeguard the personal information of individuals which is stored by the business. These rules apply to the information of customers, suppliers or employees. Generally, for those who are currently caught by the Data Protection Act it is likely that you will have to comply with GDPR. GDPR will apply to data 'controllers' and ...

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Making tax digital

Making Tax Digital for VAT

The government has issued information on how Making Tax Digital for Business (MTDfB) is expected to work for VAT once the rules are introduced in April 2019. Under the proposed rules, which have been issued subject to consultation, VAT-registered businesses with turnover which is more than the VAT registration threshold will be required to submit their VAT return digitally using software. Businesses with a turnover above the VAT threshold (currently £85,000) will have to: keep their records digitally (for VAT purposes only) pro...

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National Insurance

Delay in the abolition of Class 2 NIC

The government has announced that it will introduce legislation to abolish Class 2 national insurance contributions (NIC) and to make further proposed NIC changes in 2018. The measures the legislation will implement will now take effect one year later than previously announced; from April 2019. These measures include: the abolition of Class 2 NIC paid by self-employed individuals, reforms to the Class 1A NIC treatment of termination payments (the £30,000 rule) and changes to the NIC’s treatment of sporting testimonials. On 2 N...

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Childcare

Delay to roll-out of tax-free childcare

The government has announced a delay to the roll-out of tax-free childcare which was expected to be fully implemented by the end of the year. From 24 November 2017, the service became available to parents whose youngest child is under 6 or has their 6th birthday on that day. Parents can apply online through the childcare service which can be accessed via the Childcare Choices website. In April 2017, HMRC started rolling out the childcare service via a single website through which parents can apply for both 30 hours free childcare and ta...

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Decision Magazine 1

Interview with Frank Dixie Managing Director PSP Logistics

MAKING THE BIG DECISIONS A major report commissioned by Rothmans will consider how owner-managed companies can best move forward, how it’s possible to balance being "in the company" with finding the time to be "on the business”. Where is future growth coming from, and will it be the consequence of setting and following strategy or unexpected opportunity? The report will also identify the most likely stumbling blocks (assessing risk, controlling IT, working capital, team development for example) an...

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