ICAEW.com works better with JavaScript enabled.

Continue reading

Spring Statement 2019

Jane Moore rounds up the tax items from the Spring Statement 2019, including Making Tax Digital, structures and buildings allowance, tax avoidance and evasion, national minimum wage, apprenticeship levy and forthcoming papers over the rest of the year.

Spring Statement 2019Chancellor Philip Hammond delivered the Spring Statement on 13 March 2019. He had promised a statement without any tax changes, and he delivered on this up to a point. But we do have some new tax material, notably on Making Tax Digital (MTD), the new structures and buildings allowance (SBA) and compliance. The government also published a list of consultations and other things to expect in the coming months.

The government confirmed that MTD for VAT would go ahead as planned from April 2019. It also stated that MTD will not be made mandatory for any other taxes or businesses in 2020. HMRC had previously announced, on 13 December 2018, that to allow for delivering EU exit responsibilities it was slowing the delivery of some elements of MTD relating to income tax and corporation tax. The confirmation that MTD will not be mandated for income or corporation tax, and that MTD for VAT will not be extended to all VAT-registered businesses, until at least 2021, will reassure agents and businesses and allow time for a more measured approach to implementation and additional testing.