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May 2019

Capital expenditure is an important area for every business. There have been several changes to the capital allowances regime over recent months, ranging from the introduction of the new non-residential structures and buildings allowance, introduced by Autumn Budget 2018; to the temporary increase in the annual investment allowance.

Yet it can sometimes be difficult to access tax relief on a claim for capital allowances, especially for plant and machinery. In our main article, we outline the rules and look at a recent tax tribunal case, won by the taxpayer, showing some of the problems which can arise.

Making Tax Digital for VAT (MTDfV) means that VAT-registered businesses, with taxable turnover over the VAT registration threshold of £85,000, must keep digital records and submit VAT returns using compatible software. Taking effect for VAT return periods starting on or after 1 April 2019, MTDfV is a major change in the way that businesses interact with HMRC. In this issue, we include a one-page feature addressing some FAQs on MTDfV.

In our other articles, we cover:

  • further changes to the Entrepreneurs' Relief rules
  • the anticipated changes to probate fees
  • auto-enrolment pension increases
  • VAT on confectionary items.

We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven't covered. Your views are always important to us and we welcome your feedback.

Claiming capital allowances
Torr Waterfield Charity of the Year – Bodie Hodges Foundation
Auto-enrolment pension rules
Don't lose out when disposing of your business
Keeping the VAT inspector sweet
Making Tax Digital for VAT: your questions answered
Probate issues

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Torr Waterfield Limited is registered in England & Wales. Registered company number: 3925989.
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