2020 BUDGET ANNOUNCEMENTS

On the 11th of March, the 2020 budget was announced by Chancellor Rishi Sunak. We have summarised the relevant updates, including those that have recently been amended by Covid-19. We hope you find this information useful. As always, if you have any further enquiries please don’t hesitate to get in touch with a member of[…]

BUDGET DAY IS NOW 11 MARCH

The December General Election meant that the Autumn Budget was delayed and we now know that Sajid Javed will deliver his first Budget on the second Wednesday in March which is when Budget day used to be!   We are expecting that the tax measures in the Conservative Party manifesto will be announced again together[…]

CHANGES TO DISGUISED REMUNERATION LOAN CHARGE

The independent loan charge review, conducted by Sir Amyas Morse, was published on 20 December, having been delayed due to the general election. The loan charge was introduced to collect tax from individuals who had benefited from schemes devised to avoid PAYE and national insurance. The date that the loan was made to the individual[…]

‘TIS THE SEASON FOR GIVING

There are tax exceptions of spreading festive cheer. Read on… CHRISTMAS GIFTS OF UP TO £50 TO EMPLOYEES Remember that certain gifts to staff at Christmas are tax free if structured correctly. Ever since April 2016 employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free. The rules[…]

WHEN WILL BUDGET DAY BE NOW?

It was announced on 14 October that Sajid Javed’s first budget would be on 6 November but with a general election in December when will it be now?   The current political uncertainty makes it difficult to give clear tax advice as a number of key proposals in the draft Finance Bill scheduled to take[…]

TIME FOR AN ELECTRIC COMPANY CAR?

The government has announced that there will be a zero P11d benefit for the drivers of electric cars from 2020/21. This is instead of the 2% scale charge that was originally included in Finance Act 2017 to apply for 2020/21. The legislation for the change will be included in Finance Bill 2020 and it is[…]

BUILDERS’ VAT RULES DELAYED FOR A YEAR

The government have decided to delay the start of the proposed VAT reverse charge for supplies by sub-contractors in the construction sector. The reason for the U-turn is the lack of awareness of the change that was originally due to start on 1 October 2019. Many sub-contractors, and some main contractors, were not prepared for[…]

VAT REVERSE CHARGE FOR BUILDING AND CONSTRUCTION SERVICES

The Government is introducing a VAT reverse charge on certain building and construction services. The legislation will come into effect on 1 October 2019. This is a very significant development which will present major challenges for many building contractors. Businesses involved in buying and selling construction services will need to understand the new rules.  […]