Refer a friend and receive up to £1,000!  

The New Finance Bill

The Finance Bill 2017-2018 is a 190 page-document that contains some significant tax proposals which, if agreed, will form the Finance Act 2018.  While you may be thinking that 190 pages is an awful lot of tax information for anyone to sift through, it is, in fact, very slim compared to previous versions.

Why is it slimmer than usual?

Since Gordon Brown was Chancellor, tax professionals have become used to hefty Finance Bills arriving at least once a year. This Finance Bill was the third presented to Parliament this year. The Bills are scrutinised by MPs – who are paid for their time, and members of the professional bodies’ tax technical committees – who aren’t. These people are often volunteers, so they must be pleased that this Bill cuts to the chase.

What’s in it?

  • Clauses to set the tax rates and allowances for 2018/19.
  • A tweak to the marriage allowances to allow retrospective claims where one spouse or civil partner has died. (This has already taken effect.)
  • Stamp Duty and Land Tax changes for first-time buyers and the easing of the rules for the 3% supplement on additional homes. (These have also taken effect already; rules are different for properties in Wales and Scotland.)
  • Amended powers for HMRC to enter premises and inspect goods, and the powers to search vehicles or boats. These powers relate to the enforcement of customs duties, which will be far more significant after the UK leaves the European Union.
  • Anti-avoidance rule tweaks on the loan charge, which will come into effect in 2019, imposing tax and NIC on people who have not the repaid their “contractor loans” by 5 April 2019 or settled their tax position with HMRC. Those people will have to provide information to HMRC about the loans they have received.
  • The introduction of a ‘close company gateway’ to catch payments which are made via a ‘circular route’ through a third party, to benefit the owner/ directors of a company and avoid tax or NIC.
  • New rules relating to payments and benefits from offshore trusts, particularly where capital payments are made to non-residents.

If any of these issues seem relevant to you, or you’re not sure whether they are or not, feel free to ask us. You can call our helpful team on 020 8530 0720 or email social@nordens.co.uk.

This article is a condensed version of one that appeared on AccountingWeb; you can read the original here.

Voted as EXCELLENT - 9.8 out of 10 based on 160 reviews

<
Chris Dyer

Director - Metro Bank

Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.

Read more reviews on Trust Pilot

Jamie Brown

Co-Founder - Chicmi Limited

Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.

Read more reviews on Trust Pilot

Simon Rose

Director - Rose Opticians

I have been using Norden Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation

Read more reviews on Trust Pilot

Rebecca Bossick

Founder & Director - Physio LDN

Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.

Read more reviews on Trust Pilot

James Aconley

Principal - Pauline Quirke Academy

Great accountants, always available to offer advice. The team have transformed my business.

Read more reviews on Trust Pilot

Christopher Wilce

Founder - Dataphone

Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

Read more reviews on Trust Pilot

Dave Hodges

Director - Linekers

Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

Read more reviews on Trust Pilot

Tony Charles

Founder - Foundation Sports Limited

A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.

Read more reviews on Trust Pilot

Peter Horlock

Managing Director - Prime Time Boilers

I have been with Nordens for many years now and they are a great accountants.

Read more reviews on Trust Pilot

Simon Cushing

Founder - Vivid Finishes

We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.

Read more reviews on Trust Pilot

Andrew Martin

Managing Director - AMD Interior Architecture

Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.

Read more reviews on Trust Pilot

James Robinson

Director - Forma London

Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!

Read more reviews on Trust Pilot

>
Latest News

We've always got our ears to the ground when it comes to interesting, useful and topical information relating to business and accountancy.

A More Exciting Website
In celebration on our 18th birthday we’ve updated our website. Our new site is more interactive, more informing and more user-friendly than before! It’s easier to navigate and more fun than a typical accountancy site. We hop...
Nordens Trading for 18 years
Refer A Friend And…
This year we come of age!  Nordens has been trading for 18 years! It’s been an incredible ride so far, and we’d like to take this opportunity to thank our clients, suppliers, colleagues and associates for sharing our ‘format...
Nordens TV

We love making videos that break down convoluted accountancy jargon into a plain talking explanation of the important facts.

Why you need a business coach
Why You Need A…
We’ve been receiving a lot of requests and queries on the topic of business coaching, so in this video from NordensTV, Mitch Hahn explains why coaching is good for you and your business, and how it can help you achieve your goa...
A Guide To Capital…
Capital Gains Tax  has to be paid on items that are sold at a substantial profit.  In this short video, Mitch Hahn offers an overall guide to what Capital Gains Tax is, and how it can affect you. If you’d like to know more ...
  Why I Founded Nordens

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier, the difficult part was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

Mark Norden
Founder

We're Professionally Certified

Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). They follow the bye-laws, regulations and ethical guidelines of the ACCA and we are an ACCA accredited employer. We are also accredited by Professional Passport for our Umbrella and accountancy services.