WSM Blog

Updates expected in 2018

The Self-Assessment filing deadline for the 2016/17 tax year is now behind us. The passing of the tax filing deadline not only offers a sense of relief but also signals that we are approaching a new tax year 6 April 2018.

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Landlords feeling the pinch

Landlords are starting to feel the impact of recent tax changes in the payments that they are due to make to HMRC on 31st January this year.

VAT Return Nightmare

I am often asked by my clients why we charge for preparing and checking the VAT Returns when the bookkeeping is computerised and the accounting entries are recorded on reputable software. Clients expect the VAT Return to be correct and the check to be done automatically by the software programme but this is not always the case as many factors come into play.

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Spare room to Let? That’s Great News!

In the March 2017 Budget the Government announced it intends to review the ‘rent-a-room scheme’ which is currently a tax-efficient way of letting out your spare room.

The General Data Protection Regulation

The deadline for General Data Protection Regulation (GDPR) is fast approaching. The implementation date is 25th May 2018. Many SMEs will think that this does not affect their business. This affects all types of organisations who have an EU establishment and also those who transact within the EU.

Hidden Brexit Costs Of Corporate EU Compliance

Many hoped BRexit would mean remove the burden of compliance with EU directives from UK businesses. Two recent EU directives indicate this hope is likely to be in vain and UK businesses will bear the costs of compliance despite BRexit.

Who Is Accountable?

Charities and not for profit organisations are in hard times with Government cut backs as they have been as a result of the 2010 austerity budget. This has impacted on Local Authority cutting back on their funding to many charities and not for profit organisations.

HMRC Are Getting Ready – Are You?

Investment by HMRC into their 'Fraud Investigation Service' increased to £204 million over the 2016/17 tax year, up from £186m in 2015/16, according to recent figures.

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Cloud Accounting Software and MTD

We welcomed the announcement of the new timetable for Making Tax Digital that was published on 13 July 2017. This means that Making Tax Digital will not take effect until April 2019 when it will only be mandatory for business over the VAT threshold.

Making Tax Digital – Current Position

The Government have now announced that there will be at least a one year delay to the implementation of MTD.

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