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Welcome to our March Newswire...

Our aim is to keep you up to date with ideas and information that will help you gain the best possible advantages in working with us. This newswire will be sent regularly to help achieve this aim, and we hope you enjoy reading them.

We operate a responsible email policy at Fish Partnership, so if you do not wish to receive further copies of this newswire, click here to unsubscribe.

Chancellor calls for Inheritance Tax review to make regime “fit for purpose”

The Chancellor, Philip Hammond, has asked the Office of Tax Simplification (OTS) to undertake a review of the Inheritance Tax (IHT) system to ensure that it meets the needs of modern households.

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Cash payments plunge as digital payments become the default for many consumers

New research from finance and banking trade body, UK Finance, has found that debit card transactions will overtake those made with cash this year.

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Only a third of EIS taken up by companies outside London

New data from HM Revenue & Customs (HMRC) shows that businesses in London and the South East account for 66 per cent of the Enterprise Investment Schemes (EIS) uptake.

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Does Nesquik attract VAT? It depends on the flavour, Revenue says

An apparently counterintuitive judgement was handed down last month by the Upper Tier Tribunal as it ruled VAT should be applied to the strawberry and banana flavours of Nesquik milk powder, but not to the chocolate equivalent.

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SMEs invest three working weeks a year on tax compliance

A new study, prepared by the Federation of Small Businesses (FSB), has found that the UK’s average small business spends nearly three working weeks every 12 months complying with tax rules.

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Tax-Free Childcare launches for all parents of under-12s

A scheme, enabling parents of children aged 12 and under to benefit from up to £2,000 towards the cost of childcare, has now been extended to all working parents with children in the age group.

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Key Dates

19 March 2018 – Deadline for postal payments remittance of PAYE, NiCs and CIS to HMRC.

22 March 2018 – Deadline for electronic remittance of PAYE, NICs and CIS to HMRC.

5 April 2018 – Tax year ends.