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Our Comprehensive Guide to Making Tax Digital

February 2019

Person on iPad Using MTD Software

Making Tax Digital (MTD) is the name of the Government’s ambition to change the way in which we record financial data and report this information with HMRC. It requires taxpayers to keep digital records, instead of manual ones, and communicate with HMRC using a different reporting system to that which is currently in operation. Why […]

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What You Need to Do About IR35

January 2019

What You Need to Do About IR35

IR35 is a piece of tax legislation designed to combat tax avoidance by off-payroll workers who provide their services to businesses as a self-employed individual on a regular, long-term basis. In the eyes of HMRC, workers of this kind are what’s known as ‘disguised employees.’ This means that as far as HMRC are concerned, the […]

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Budget 2018: Key Points

October 2018

https://www.astonshaw.co.uk/is-your-companys-christmas-party-tax-deductible/

The Chancellor of the Exchequer, Philip Hammond has delivered the 2018 Autumn Budget. In this blog post, we highlight the key points of his speech. Business £900m has been allocated to small businesses in the form of business rates relief. £650m has also been allocated to rejuvenate British High Streets A new digital services tax at 2% […]

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Increase in HMRC Interest Rates

August 2018

HMRC building against grey sky line

The interest charged to those making late tax payments has increased from 3% to 3.25%. Interestingly, the amount of interest that HMRC pays on top of refunds owed to taxpayers remains the same at 0.5%. The interest rate for repayments has been at 0.5% since 2009. The accountancy body ACCA says it is “simply unfair” that […]

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HMRC Clamp Down on Late Reporting of Payroll Information

June 2018

Payroll Calendar

HMRC have been fining people for the late reporting of payroll information since 2014, but now HMRC has really ramped up the rate in which they are issuing fines. It is, therefore, more crucial than ever, that you file your payroll information on time. According to HMRC, you can get a penalty if: your Full Payment […]

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A Simple Guide to GDPR

December 2017

Closeup of laptop screen with GDPR and padlock - isolated on white background with clipping path

Aside from Brexit, the General Data Protection Regulation (GDPR) is the topic on everybody’s mind. GDPR affects everyone, businesses and individuals alike, so knowing as much as you can about this new EU regulation now – and preparing for its impact now – will help you be compliant and avoid a huge potential fine in the […]

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Budget 2017: Key Points

November 2017

Chancellor of the Exchequer holding Red Budget Box

The Chancellor of the Exchequer has finally delivered his much-anticipated ‘Budget 2017’. Having considered the announcements carefully, we have highlighted the key points below. We hope that you will find this summary useful. Business • The VAT threshold will be frozen at £85,000 for two years. • £540m to be invested in the growth of […]

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Do You Still Need to Submit a Self-Assessment Tax Return?

October 2017

HMRC engraved on stone building

Are you one of the two types of people no longer required to submit a self-assessment tax return? Simple Assessment first took effect in September 2017, which means some taxpayers no longer need to disclose information about their income via a self-assessment tax return. The term ‘Simple Assessment’ may ring a bell, it’s a term […]

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What Does the Future Hold for Self Employment?

May 2017

Deliveroo Rider

Recently, there have been a number of cases where it has been claimed that “self employment” and some “self-employed” workers are only labelled as such so that companies can avoid tax and minimum wage laws. Fortunately, there is a piece of legislation in place to prevent tax avoidance – with regard to self employment – […]

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‘Making Tax Digital’ Legislation Removed from Finance Bill 2017

May 2017

Hand holding smartphone with calculator on screen and tax form. Tax calculator, mobile app for accounting concepts. Making Tax Digial (MTD)

The Government has scrapped plans to implement Making Tax Digital (MTD), ahead of the debate on the bill in the House of Commons. When Theresa May first announced the surprise general election on 8th June, the Chartered Institute of Taxation (CIOT) wrote a letter to Chancellor of the Exchequer, Philip Hammond. In the letter, the […]

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