Making Tax Digital for VAT (MTD for VAT) will require VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using software.

The AIA enables businesses1 to claim tax relief on the whole of their qualifying capital expenditure in the year of expenditure.

The ATT is calling for sufficient publicity of the new measure and a soft landing for penalties in the first year as owners familiarise themselves with their new obligations. Jon Stride, Co-Chair of the ATT’s Technical Steering Group, said:

These extended time limits will not apply if, before the normal time limit, HMRC receive information from an overseas tax authority under automatic information exchange procedures which means that they could reasonably have been expected to be aware of the lost tax.  However, the ATT is conc

“We will be keen to respond to this consultation as there are a number of issues to consider here. The final period of exemption allows people to move into their new home but still benefit from private residence relief if their old home takes time to sell.

The ATT notes that the 30,000 businesses whose annual expenditure on qualifying assets (according to HMRC statistics) exceeds the current annual expenditure limit of £200,000 will undoubtedly welcome the measure.

The Chancellor confirmed today his intention to extend the changes in the off-payroll rules introduced last year for the public sector, into the private sector from April 2020.

Today Chancellor Philip Hammond said the VAT registration threshold will be maintained at £85,000 for a further two years and that the Government will not look at a possible ‘smoothing mechanism’ until after Brexit.

The draft Finance Bill 2018-19 published in the summer included proposals to introduce an additional test for rent-a-room relief which would have required the landlord to be in occupation for some or all of the time that they were letting their home – the so called ‘shared occupancy’ test.

Speaking ahead of the two organisations’ Joint Presidents’ Luncheon in Belfast today,1 CIOT President Ray McCann said: