Tax Diary December 2017/January 2018
1 December 2017 - Due date for corporation tax due for the year ended 28 February 2017.
What is the General Data Protection Regulation (GDPR)?
The GDPR is the new data protection regulation that becomes a legal obligation from 25 May 2018.
What is the Criminal Finances Act 2017?
In the past, the directors of larger organisations have been able to wriggle out of personal responsibility for the tax evasion acts of their employees and other associates if they can plead ignorance of the act.
Autumn Budget Summary 2017
Prospects for growth, especially for productivity have been downgraded, but the Chancellor was bullish in his forecasts for investment and the Government’s intention to sort out the slow pace of house building in the UK. A few non-tax comments of note were:
Business Tax Changes
Corporation Tax changes - Although there is no change to the rate of Corporation Tax, maintained at 19%, HMRC is to freeze indexation allowance on corporate capital gains for disposals after 1 January 2018.
Universal Credit (UC) Changes
In response to recent adverse publicity the Government has agreed to various changes that are intended to ease the financial hardship for new claimants. They include: