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Digital timetable delayed to ‘at least’ 2020 for small businesses

Businesses will not be compelled to use the Making Tax Digital (MTD) system until April 2019 and then only to meet their VAT obligations, the Treasury has announced. This will apply to businesses that have a turnover above the VAT threshold. The smallest businesses will not be required to use the system, although they can do so voluntarily.

Mel Stride, Financial Secretary to the Treasury, said the government had listened to concerns about the pace of change and was taking steps to ensure a smooth transition to a digital tax system.

The Treasury stated that, under the new timetable:

‘only businesses with a turnover above the VAT threshold (currently £85,000) will have to keep digital records and only for VAT purposes;

‘they will only need to do so from 2019; and

‘businesses will not be asked to keep digital records, or to update HMRC …

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Australia launches new GST rules for overseas sellers

From 1 July 2018, businesses that sell goods into Australia will be required to charge goods and services tax (GST) on goods valued at A$1,000 or less.
UK businesses that sell more than A$75,000 of taxable supplies (including low value goods) a year to consumers in Australia will need to register with the Australian Taxation Office (ATO) by 1 July 2018 and charge GST on these sales to be paid quarterly. …

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In brief

Finance Bill
The Finance Bill will be introduced after the summer recess and will legislate for all policies that were included in the pre-election bill. The government confirmed that all policies in the previous bill announced to …

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Improve the system for all size businesses

The Office of Tax Simplification (OTS) has set out steps to modernise and simplify the corporation tax computation in its latest report. It considers four areas:

simpler tax for smaller companies;

aligning the tax rules more closely with accounting rules where appropriate;

simplifying tax relief for capital investment; and

issues affecting the largest companies.

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Impact of split payment model on UK businesses

HMRC must clarify its plans to crack down on VAT non-compliance by overseas companies that trade online. It is considering a new measure called a split payment model. VAT will be extracted from the price paid by consumers in real time using card payment technology and then deposited with HMRC. The aim is to reduce VAT losses from overseas businesses selling goods to …

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In brief

Employer Bulletin
Employer Bulletin 66 is available. It includes articles on paying HMRC, tax-free childcare, student loans and the grading for new GCSEs.

The Welsh government is urging people and organisations …

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Agent Update 60 published

HMRC is still interested to learn agents’ views on Agent Update and has extended the deadline for comments to 14 July ( The latest edition is on HMRC’s website.

Automatic enrolment
On 6 April 2018, the minimum amount employers will have to contribute …

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