Speculation is increasing that Chancellor, Sajid Javid, will announce significant curbs on Entrepreneurs’ Relief in the Budget, or could even scrap the valuable tax relief altogether. According to the Financial Times, ministers are concerned that Entrepreneurs’ Relief is too generous to wealthy individuals. Entrepreneurs’ Relief allows business owners to pay half the usual 20 per…
Monday 6 April 2020 will see a range of tax changes come into effect with the start of the 2020/21 tax year. Some of these changes have the potential to have considerable implications for your tax bill, depending upon your specific circumstances. Here is a selection of the most significant changes: Capital Gains Tax (CGT):…
Businesses that rely on the production of guides, physical books, newspapers or other printed materials currently enjoy a zero-rating for VAT. However, those who sell and publish similar content online have had to pay VAT at the standard rate. This is now set to change after a decision made by the Upper Tax Tribunal (UTT)…
Most workers assume that their National Insurance Contributions (NICs), as reported by their employer or through their own records, are accurate and up to date. After all, within the Income Tax system, we have the comfort of an annual reconciliation process, so why would NICs be any different? However, it may come as a shock…
Now that the UK has left the EU, we have entered an implementation period that will last the rest of 2020, during which the UK’s future relationship with the EU will be agreed, giving businesses the chance to prepare for the UK’s new trading arrangements. While much of the detail is still to be decided,…
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