Latest News
Arrogroup appoint Una Warnock as Non-Exec Director
We are delighted to announce the appointment of Una Warnock to our team.
Una qualified as a Chartered Accountant in 2008 and is a Fellow of the Institute of Chartered Accountants Ireland. Having worked for PwC for over 13 years, Ana has extensive experience advising businesses on a range of matters including audit, accounts preparation, business strategy and growth and debt and refinancing.
Tax implications of Article 50
On Wednesday 29 March, the government delivered a letter to the president of the European Council, triggering TEU Article 50 to begin the formal process for the UK’s exit from the EU.
Commenting on what to expect from a tax perspective, Dominic Stuttaford, head of tax at Norton Rose Fulbright, said: ‘what businesses look for is certainty and while nothing will change until the UK formally exits the EU, companies will be considering the potential implications’. Businesses will be looking particularly at the indirect tax consequences and whether there is any additional vat or customs duty, although this, Stuttaford added: ‘will not be clear for some time’.
Businesses are ‘starting to consider whether they have to reorganise their groups as a result of the possible impact of Brexit’, which will involve consideration of both immediate tax consequences and any longer-term increase in their effective tax rate.
The House of Commons justice committee has published a report on the implications of Brexit for the Crown Dependencies, which calls for more clarity. Priorities would include: protection of financial services from EU blacklisting; retention of the common travel area; and continued export opportunities in agriculture, fisheries and manufacturing. The report recommends that the government clarify its position on what might happen to agreements the UK has with the Crown Dependencies on developing their international identity if, as a result of Brexit, ‘those diverge from the UK’s own interests’.
Taxes are going digital – what you should know
The UK government has overhauled the tax system. For self employed taxpayers and property landlords who are unaware of HM Revenue and Custom’s radical plans to transform the tax online filing system.
Here are some facts
- The way that you report your business profits to HMRC is changing.
- From April 2017 the cash reporting rules change for the self employed and for property landlords.
- From April 2018 to April 2019 the self assessment tax return is being replaced by five new reporting obligations made during and after the tax year.
- Phase 1 of MTD applies from April 2018: it affects sole traders and property landlords with taxable income in excess of the VAT threshold
- Phase 2 of MTD applies from April 2019: it affects sole traders and property landlords with taxable income in excess of £10,000 who are not by that stage already filing under MTD.
- Your first tax return under the new system is due in the forth month of you accounting period, you will then have to file with HMRC every three months.
- If you are not already using software for your record keeping/ accounting, you will need to learn how to use a spreadsheet, or some type of accounting software or App.
- You will need a reliable internet connection and a facility to store your electronic data.
What equipment (hardware) and software or Apps do I need?
- Your requirement depends on you, how you feel about technology and the nature of your business.
- Every business is different.
- If you use an accountant you can continue to do so.
- You can delegate all your bookkeeping and online filing to an accountant, tax adviser or bookkeeper if you feel you cannot cope with this new system.
- If you are one of the 2 million taxpayers who do not engage any professional help in reporting to HMRC you need to decide which system to use.
- Accounting using a phone is not for everyone: choose what may be best for you from the table below.
Click here to find out more.
For more information on how this could affect you, please email info@arrogroup.co.uk