Your business year-end, not 5 April, is relevant for capital allowances purposes. If however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance.
It will be nearly 18 months since the last Budget and in the meantime we will have had three different chancellors following the unexpected resignation of Sajid Javid. The early years of a new Parliament are a good time to make radical changes and many are predicting significant tax announcements on 11 March, 2020.
If the draft legislation issued for consultation last year is enacted in the next Finance Act there will be important changes to private residence relief for disposals after 5 April 2020. Firstly, the exemption for the final period of ownership will be reduced from 18 months to 9 months.
Another announcement to listen out for in the Spring Budget on March 11 is whether the Chancellor acts on the recommendations of the Office of Tax Simplification (OTS) regarding inheritance tax. As reported in an earlier newsletter, the OTS suggested simplifying inheritance tax on lifetime gifts including reducing the period of potential exemption from 7 to 5 years.
From 6 April 2020 there is a major change in the reporting and payment of Capital Gains Tax on residential property disposals. From that date, it will be necessary to report the disposal of the property within 30 days of completion of the disposal and pay Capital Gains Tax on account to HMRC.
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 is critical in determining whether the loan charge will apply.
In January the government launched a four-week review of the changes to IR35 “off-payroll” working rules scheduled to come into force in April, as the result of mounting criticism about the way they will operate. The review is scheduled to conclude by mid-February and will see the government hold a series of meetings with stakeholders representative of those affected by the changes.
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 with confirmation that changes consulted on last year will be put in place.
We’re very excited to announce that from May 17, 2019 we will have a new home due to expansion and future growth of our Accountancy practice. We are not moving too far, you will find our new office at Stone House, 55 Stone Road Business Park, Stone Road, Stoke-on-Trent, ST4 6SR.
We were delighted when we received this certificate from the team at The Donna Louise in Stoke-on-Trent. It recognises the pride we take in Corporate Social Responsibility and the £77,477.13 that we have raised for the children’s and young people’s hospice over the last 10 years.
© 2018-2024 DPC Accountants, part of the SUMER Group
. All rights reserved.
Sumer Privacy Policy | Terms & Conditions | Disclaimer | Cookies Policy
In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurers are AXA Insurance UK Plc, 20 Gracechurch Street, London, EC3V 0BG. The territorial coverage is worldwide excluding professional business carried out from an office in the United States Of America or Canada and excludes any action for a claim brought in any court in the United States Of America or Canada. Our professional indemnity insurance does not provide cover for claims arising from referrals by DPC to promoters of tax mitigation schemes that fall in to DOTAS or the Disguised Remuneration rules.
Site Credits
