The Chancellor has announced increases to the pensions' annual allowance taper thresholds and a reduction to the minimum tapered allowance amount from April 2020.
SME Tax News
Hello,
Budget 2020: a time of crisis. With the UK government concentrating all its efforts on dealing with the Covid-19 virus, Chancellor Rishi Sunak's Budget 2020 was short on tax giveaways.
Chancellor Rishi Sunak presented the UK's Budget 2020 on 11 March 2020.
Tax highlights and key measures are as follows.
The Chancellor has announced a reduction in the lifetime limit for Entrepreneurs’ Relief together with special measures to combat planning arrangements intended to prevent changes to the relief from taking immediate effect.
In Red, White and Green Limited v HMRC [2020] TC7603, the First Tier Tribunal (FTT) held that income received by Eamonn Holmes’ Personal Service Company was within IR35. If he had provided services directly to ITV it would have been a contract of employment.
In Northern Lights Solutions Limited v HMRC [2020] TC7594, the First Tier Tribunal (FTT) held that IR35 applied to a project manager’s Personal Service Company. He was subject to overarching controls consistent with being a highly skilled employee.
Our live highlights of Chancellor Rishi Sunak's Budget 2020 speech will be appearing here from 12.30pm. Our 'Budget 2020: At a glance' summary will follow later today.
Making Tax Digital for VAT (MVD) was introduced for the first VAT accounting periods commencing on or after 1 April 2019. To date no penalties have been charged but that is about to change.
Missed our SME Tax Web-updates in February? Here is a summary of the month.
Hello,
The government has concluded its review of off-payroll working and made a couple of modifications to the rules which commence in April 2020. Importantly, there are no radical changes and the new measures commence on the original start date of 6 April 2020.