PAYE: Dynamic coding

As of 2nd July 2017 HMRC launched the new system of dynamic coding. This means that under the new system potential underpayments are replaced with in year adjustments (IYAs) Tax codes are adjusted in-year to reflect changes in an employee’s circumstances as soon as HMRC becomes aware of the change.

Making Tax Digital Delay

The government has now delayed making tax digital by “at least” two years until 2020, although quarterly VAT reporting using the system will be mandatory from 2019

Those below the VAT threshold of £85,000 will now be exempt from requirements to quarterly report until the government can reassess the plans