Since the start of the week, 1.3 million companies in England and Wales have begun to receive breakdowns of the ‘rateable value’ of their business premises from the Inland Revenue.
So-called ‘summary valuations’ are being distributed for the first time to give businesses a chance to check on how their property has been valued and challenge the decision if necessary.
The Revenue’s Valuation Office Agency said accountants could expect owners of businesses to seek their help in understanding information on the changes, which take effect from 1 April 2005.
It insisted the reassessment of the rateable values were ‘not about collecting more tax’. Up to 60% of businesses could see a fall in their rates bills, it said.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...