SME Tax News

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The draft clauses for the Finance Bill 2020 were published this week, items of key interest to SME advisers include the introduction of 'off-payroll working' to the private sector and restrictions on Capital Gains Tax (CGT) Private Residence Relief (PRR).

The Construction Industry Scheme (CIS) VAT reverse charge applies to construction services from 1 October 2019. This is an 'At a glance' freeview guide.

The House of Commons Treasury Committee have taken a close interest in the progress of Making Tax Digita for VAT. MPs have become concerned about the decreasing service levels on some of HMRC’s VAT helplines and new statistics reveal that average call times are increasing.

The first draft of Finance Bill 2020 has been published. The bill includes a number of measures previously announced at Budget 2018 and the recent Spring Statement and intended to take effect from April 2020, including:

HMRC have published a new research report ‘Lifetime Gifting: Reliefs, Exemptions, and Behaviours’ into taxpayer awareness of the inheritance tax (IHT) rules and how it influences the making of lifetime gifts.

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The week: Self Assessment payment on accounts may be being calculated incorrectly, IR35 back in the tribunal, devolved tax penalties trip up, quasi directors and penalties and much more.