Updated KEY GUIDES now published – August 2019

KEY GUIDES

UPDATED KEY GUIDES

We have reviewed our series of KEY GUIDES and published updated versions where appropriate.

You can access the whole series of KEY GUIDES through the downloads in the Recent News section of our website here: –

KSK – Recent News

The latest amended versions are as follows: –

Buying and selling a business

  • Some stylistic tweaks have been carried out.

Investing tax efficiently

  • Some clarification on wording around the dividend allowance and current phase of property income interest relief changes.

Making Tax Digital

  • Rules surrounding when it is acceptable to record a collective invoice statement and when each transaction must be recorded separately are explained, and which businesses are affected.
  • Expanded list of businesses whose start date is deferred.

Working through personal service companies

  • Number of recent IR35 cases won by contractors updated to four, showing a growing trend for outcomes in favour of contractors.
  • The consultation regarding the extension of the IR35 rules to the private sector has been concluded.

You and yours – estate planning

  • The Office of Tax Simplification has published its review of IHT, which include the following proposals:
    • Combining the main annual exemption and wedding gifts exemption into an overall ‘personal gifts allowance’ of £11,900 a year, up from £3,000.
    • Removing the regularity requirement for gifts and introducing a personal allowance.
    • Replacing the exemption with a higher personal allowance.
    • Scrapping taper relief and reducing ‘look back’ for gifts from seven years to five years.

There are also some other important downloads added recently.  These include: –

Off-Payroll Workers in The Private Sector

HMRC’s latest challenge to the so called IR35 regime is extended from the Public Sector into the Private Sector with effect from April 2020.

VAT – New Rules for Construction Industry

Builders who are within the Construction Industry Scheme need to be aware of new rules for charging and accounting for VAT which are introduced from 1st October 2019.

Contact Paul Southward for further information.

Paul Southward