BUSINESS UPDATE JAN/FEB 2020
We have now published our first newsletter for 2020.
The new tax year starting 6th April 2020 already promises some changes for businesses and individuals.
Businesses will need to be aware of the new rules for Off-payroll workers. Our latest newsletter leads with this and you can find more information on our website.
Individuals who dispose of UK residential property after 5th April 2020 need to be aware of the new reporting and tax payment deadlines, for capital gains. Further information can be found in the downloads from the “Recent News” section of our website.
With the end of the current tax year approaching, this is a good time to review your personal and business affairs to ensure that you use all the annual reliefs and allowances that are available to you.
There has been a promise to not increase income tax, national insurance contributions (NIC), and VAT. In fact, The Treasury have just announced a cut to NIC from 6 April 2020, with some 31 million taxpayers set to benefit.
Less welcome is the news that reported losses to business from fraud and scams are on the rise with nearly 60,000 cases reported in 2018/19. Examples include employee misuse of corporate cards and claiming false business expenses, as well as organised payroll scams. Employers may reduce their vulnerability to fraud by fostering a loyal environment for whistle-blowers to come forward without fear of reprisals.
Meanwhile, taxpayers should beware of making honest mistakes on returns as a First-Tier Tribunal has upheld a penalty charged by HMRC for reporting income and tax-deducted figures from an incorrect P60.
Green governance for business is likely to remain a big theme with climate change rising to new levels of prominence by the end of 2019. There will be increasing pressure from government, clients and employees for businesses to become more environmentally responsible through green travel schemes, ethically invested funds, and the use of plastic and green products from supplier chains.
Our other stories include new restrictions on the relief given to corporations for capital gains and losses, and the new parental bereavement leave coming in from April.
You can check out our latest newsletter here: –
Contact Paul Southward.