Tax Tips & News

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02/04/2020

April Tax Tips & News

Welcome to Davies Tracey’s Tax Tips & News, designed to keep you one step ahead of the taxman. We are committed to ensuring none of our clients pay a penny more in tax than is necessary and as such, this month’s news and tips include:

Plus, scroll down to our regular content:

Whilst updating you on these latest tax issues, we are awaiting the first Budget in more than 18 months – the UK’s first Budget as a non-EU state in more than four decades, and from new Chancellor Rishi Sunak who will have been in the post for less than a month. Rumours and speculation over what it may include are rife so here we take a closer look at the Budget predictions that could impact your business and personal finances. You can follow the Budget as it happens from 12pm tomorrow (keep our predictions handy to play ‘Budget Bingo’), contact our Tax Partner Ian Kelly with any questions it may generate for you, or check our website and social media channels soon for post-Budget analysis.

Please talk to us if you have any questions on any issues covered in this newsletter. We’re here to help – on 01642 606003.

Homeworking flat rate allowances increased
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 Read More...
 
Reduction in the lifetime limit for entrepreneurs' relief
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 Read More...
 
Changes to off-payroll working rules delayed until 2021
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 Read More...
 
HMRC urge people to prepare for CGT payment change
The amount of CGT payable on account is the amount after applying the applicable rate of tax to the net gain. Read More...
 
April questions and answers
My business imports goods from the EU. What is the current position reading postponed accounting for VAT? Read More...
 
April Key tax dates
5- End of 2019/20 tax year. Last day to use up annual exemptions for capital gains tax, inheritance tax and ISA's Read More...
 
About Us

Davies Tracey Accountants are based in Tees Valley, offering local business owners and individuals a wide range of services. All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website daviestracey.co.uk for more information.

 

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