The start of the next tax year in April 2020 will see key changes come into effect in respect of Principal Private Residence Relief (PPR) and Lettings Relief, both of which can be used to soften the impact of Capital Gains Tax (CGT) on property disposals. From next April, Lettings Relief will be restricted to… Read more…

At the moment businesses and charities of all sizes can benefit from Employment Allowance. However, from the start of the new tax year in April 2020, the allowance will only be available to employers with a secondary National Insurance Contributions bill in the current tax year of less than £100,000. Employers need to ensure that… Read more…

The Government wants to remind working parents that they could be entitled to up £2,000 per child per year to help with the costs of childcare, including regulated holiday clubs during the school holidays. The six weeks summer holiday can often be a strain for working families who rely on childcare, but the Government says… Read more…

From April 2020, the date at which Capital Gains Tax (CGT) must be paid on a second home property disposal is changing. After this date, taxpayers will only have 30 days to file their return and make an advance payment towards their tax bill. This differs drastically from the current rules, which allows people to… Read more…

Businesses in the construction industry now have only a matter of weeks left to prepare for the new VAT domestic reverse charge regime. These new rules will be enforced from 1 October 2019, significantly changing the VAT affairs and tax liabilities of companies in the construction industry. The domestic VAT reverse charge will apply to… Read more…

After much anticipation, the Government has now published its draft legislation for the off-payroll working (IR35) rules, which will be enforced in the private sector from 6 April 2020. The latest policy document for the private sector shares a number of similarities with that already in force in the public sector. However, it does introduce… Read more…

Entrepreneurs’ Relief (ER) entitles a business owner to significant relief from Capital Gains Tax (CGT) on the disposal of their business, often halving the consequent tax bill. To qualify for ER, the company must normally have been the business owner’s personal company for the whole of the last two years and they must have been… Read more…

Businesses across the UK are being reminded that, if they process personal data, they are subject to a legal requirement to pay the Information Commissioner’s Office (ICO) an annual data protection charge, unless they have a relevant exemption. Any businesses that fail to pay the correct charge are at risk of a fine of up… Read more…

Research by law firm, Pinsent Masons, has found that more than 150 chief financial officers and other senior finance executives have been fined personally by HM Revenue & Customs (HMRC) in relation to tax accounting issues during the last financial year. This is an increase of 22 per cent on the previous year when 125… Read more…

New research has found that the total value of UK SMEs has reached more than £3 trillion – with the average small business now worth £2.9 million. The study by MarketInvoice found company valuation is something that two-thirds of owners consider a top priority and something they think about all the time. Business owners cited… Read more…