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VAT – motor dealer deposit contributions
A new Revenue and Customs Brief 7/18 has been published by HMRC concerning their policy on the VAT accounting treatment of promotions, where payments are said to be made by motor dealers to finance companies on behalf of the end customer. These are usually known as dealer deposit contributions (DDC) in the motor retail trade and have been the subject of different VAT accounting treatments by motor dealers. HMRC views DDCs as a discount on the headline price charged by the dealer. The DDC is shown on the finance and sales documentation and is agreed by all the parties to
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Updated list of software suppliers that support MTD for VAT
The deadline for businesses with a turnover above the VAT threshold to keep digital records for VAT purposes when Making Tax Digital (MTD) returns, is fast approaching. From April 2019, businesses with a turnover above the VAT threshold (currently £85,000) will have to: keep their records digitally (for VAT purposes only), and provide their VAT return information to HMRC through MTD functional compatible software HMRC has published an updated list of software suppliers that are working to support MTD for VAT. More than 130 software suppliers have been working with HMRC to prepare for the introduction of Making Tax Digital for
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The Lifetime ISA
The Lifetime ISA has been designed to help those aged between 18 and 40 to save for a new home or for their retirement. Under the scheme, the government provides a 25% bonus on yearly savings of up to £4,000, and once you start saving before you are 40, you can continue using the scheme until you turn 50. In total, this could see young savers investing up to £128,000 (over 32 years) and receiving a maximum government bonus of £32,000. The government bonus is paid annually at the end of the tax year. The £4,000 annual limit is part
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Tax Diary August/September 2018
1 August 2018 – Due date for Corporation Tax due for the year ended 31 October 2017. 19 August 2018 – PAYE and NIC deductions due for month ended 5 August 2018. (If you pay your tax electronically the due date is 22 August 2018) 19 August 2018 – Filing deadline for the CIS300 monthly return for the month ended 5 August 2018. 19 August 2018 – CIS tax deducted for the month ended 5 August 2018 is payable by today. 1 September 2018 – Due date for Corporation Tax due for the year ended 30 November 2017. 19 September
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Tax codes for employees
P9 tax code notices are used to notify employers of the tax codes to use when calculationg PAYE due from employees’ wages and salaries. In a service availability update published on 17 July 2018, HMRC has confirmed that they are aware of an issue with employers failing to receive P9 files for the tax year 2018-19. HMRC has now identified the employees affected by this issue and has sent P6 notices in cases where the employer did not receive a P9 notice before the start of the 2018-19 tax year. Affected employers may therefore see an increase in P6 notices dated 11