de Jong and Phillips LLP

The Weekly edit

The Weekly edit

Our weekly round-up of essential reading for those running and working in Owner Managed Business, Creative agencies and Estate Agencies.

Business reacts to interest rate rise

The interest rate rise of 0.25% has received a mixed response from business with some areas welcoming the increase as a measure to rising prices, others concerned on the impact on the economy which remains sluggish because of Brexit uncertainty.

This article in Economia article by ICAEW shares the views of a range of groups representing business in the UK UK business reacts to interest rate rise

Making Tax Digital

This is a big topic for all business at the moment and it refers to the need to file tax electronically to HMRC each quarter. This will go live in April 2019 with VAT filing. For our clients who are using Xero to file their VAT returns, they are already MTD ready. If you are not then Making Tax digital is something you should be thinking about. We can help you get ready by moving your business to Xero.

This interview in Accountingweb by our very own Helen Bradley and Pamela Phillips explains more Getting set for the ever looming Making Tax Digital

Points based penalties for late tax returns

Proposals in the Finance Bill 2018-2019 include the introduction of a points-based system for late filing of self-assessment returns and other periodic tax returns. A fixed financial penalty will only be charged if a specified number of points are incurred over time because of defaults. The amount of the fixed penalty has not been announced. The proposals are examined further in this accountingweb article Points mean penalties

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