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There have been no changes to the percentage of National Insurance with rates set to stay the same but note the primary threshold and higher earnings limit has increased.
Important changes will come into force in April 2020 which relate to tax relief that is due on the sale of property which was previously a taxpayer’s Principle Private Residence “PPR” during any point in the period of its ownership.
With the 2019/20 tax year commencing on April 6th, there are some changes coming into play affecting individuals and businesses.
If you were persuaded to take a loan in place of
part of your pay in the past and you have not repaid it, you may now be liable to pay a new tax called the loan charge.
In just over six months, builders, contractors and other trades associated with the building industry will have to get to grips with a new way of accounting for VAT.
Where it is necessary for a member of staff to live at his place of work, such as a housemaster in a boarding school, the provision of accommodation is not treated as a taxable benefit for the employee.
The government has shortened the period for paying SDLT from 30 days to 14 days
Businesses which import or export goods will be aware of the difficulties that leaving the EU with no withdrawal agreement in place will cause them. However, other businesses will also be affected by immediate changes to the VAT system.
All VAT registered businesses with annual taxable turnover exceeding £85,000 must comply with the making tax digital (MTD) rules for VAT
The month of March is a good time to review whether you have made sufficient pension contributions in the tax year, and to check whether you are in danger of exceeding your annual pension contributions allowance which would lead to a pension contributions tax charge.
The cost of acquiring your business premises may be written off in your accounts, but for many years those costs have been disallowed for tax purposes so there is no tax relief until you sell the building.