Latest Tax Tips and News - April 2020
Homeworking flat rate allowances increased
Newsletter issue - April 2020. HMRC have announced that it will increase the maximum flat rate tax deduction available where employees incur additional household costs where they work at home under homeworking arrangements, from £4 per week to £6 per week. This will take effect from April 2020. Broadly, no tax liability arises where employers…Read More
Reduction in the lifetime limit for entrepreneurs' relief
Newsletter issue - April 2020. At Budget 2020 the Chancellor of the Exchequer announced that the lifetime limit of entrepreneurs' relief (ER) would be reduced from £10 million to £1 million for ER qualifying disposals made on or after 11 March 2020. Rules will also apply the revised limit to certain arrangements and elections that…Read More
Changes to off-payroll working rules delayed until 2021
Newsletter issue - April 2020. Amid concerns about their potential impact during the coronavirus pandemic, the government has announced a one year delay to changes to the off payroll working rules, due to take effect from April 2020. In an announcement at the end of the parliamentary debate on the Budget speech, Steve Barclay, chief…Read More
HMRC urge people to prepare for CGT payment change
Newsletter issue - April 2020. Property owners are being urged to get ready for changes to the deadline of capital gains tax (CGT) payments. Broadly, from 6 April 2020, a UK resident who sells a residential property in the UK will have 30 days to tell HMRC and pay any CGT Tax owed. HMRC are…Read More
April questions and answers
Newsletter issue - April 2020. Q. My business imports goods from the EU. What is the current position reading postponed accounting for VAT? A. There is now a transition period until the end of 2020 during which the UK and EU negotiate additional arrangements. The current rules on trade, travel, and business for the UK…Read More
April Key tax dates
Newsletter issue - April 2020. 5 - End of 2019/20 tax year. Last day to use up annual exemptions for capital gains tax, inheritance tax and ISA's 6 - Start of the 2020/21 tax year 14 - Return and payment of CT61 tax due for quarter to 31 March 2020 19/22 - PAYE/NIC, student loan…Read More