Inviting views on future changes to the tax system
Inviting views on future changes to the tax system. These will include:
Progress since Autumn Budget 2017
Progress since Autumn Budget 2017 items cited included:
Economy and fiscal forecasts
The Chancellor’s message in this part of his presentation was upbeat but cautious. He would consider relaxing his expenditure criteria, but only if the positive indicators continued. His consistent message was “there is a light at the end of the tunnel, but caution is still required”.
Tax and Making Loans to Employees
A reminder that making loans to your employees or their relatives can create tax problems for employees and employers. For example, the employer will have an obligation to report a beneficial loan to HMRC and the deemed benefit would be a taxable benefit in kind for the relevant employee.
Claiming Expenses by the Mile
A reminder that employees can make a claim for the business use of their own cars, motorcycles or cycles by logging their business mileage and applying an approved mileage rate.
Inheritance Tax in for an Overhaul?
The Office for Tax Simplification (OTS) has been tasked by government to review key aspects of the inheritance tax (IHT) legislation.