Friday 14 July 2017

MTD Part Six: Common sense prevails!



The Treasury announced yesterday that there will be a significant revamping of the proposals for MTD.

Businesses with income below the £85,000 VAT threshold, and which previously were caught under the original proposals, will no longer have to report online under the digital regime.  The Treasury have said they can join the digital revolution “at a pace that is right for them” although tax reporting online may be brought in at some point in the future.

The modified proposals see businesses above the VAT threshold being required to keep online digital records from April 2019 – but only for VAT reporting.  For other taxes, there is no requirement to keep or update digital records quarterly until “the system has been shown to work well and no earlier than 2020”.

PetersonSims are delighted at this announcement and Gerry Sims FCA said “At last, common sense has prevailed and the Government has listened to the views of the accounting profession and recognised that MTD would have been a significant time and monetary cost for business, just at the point when they would be facing other economic challenges associated with Brexit ”.

The new legislation will form part of the new Finance Bill which is expected to be introduced before Parliament’s summer recess.

Saturday 1 July 2017

New Expatriate Tax Director


PetersonSims are expanding the Expatriate Tax team and we are delighted to announce the appointment of Oliver Dupuy as Expatriate Tax Director from 3 July.   Oliver joins us from Ernst & Young, having worked in a senior role in expatriate tax in their Cambridge, London and Moscow offices.
He joins our existing Expatriate Tax team, providing advice on all aspects of expatriate taxation and bringing a wealth of Big 4 experience to our clients.  Oliver is located in our new offices in Letchworth and can be contacted by email at odupuy@petersonsims.com or by telephone on +44 (0)208 068 1400