Changes in legislation – from 6th April 2020 anyone selling a property in the UK may have to complete an online report to HMRC, and pay any Capital Gains Tax which is due, within 30 days of completion of the sale. You can find more information on this on our Capital Gains page.
The Government have announced that they are postponing the reforms to the off payroll working rules (IR35) from 6th April 2020 to 6th April 2021
These are very difficult times, unprecedented in any of our lifetimes, and we know you will be worried about when the next contract will become available and more importantly when you will next get paid. There is help for some but this will differ depending on your circumstances. We are keeping abreast of every announcement as it happens but currently the finer details as to who will be eligible have not been announced. It is possible they will not be so until HMRC opens the portal later in April for claiming the Coronavirus Job Retention Scheme, (which is available to UK companies), or sends invitations to the self-employed due in June. If you run your own limited company please contact us first before furloughing an employee to enable us to advise you further.
You may have heard of certain schemes whereby income payments are described as loans or advances thereby deferring or even avoiding tax on these payments. The Revenue’s view is that these schemes do not work and HMRC have been successfully challenging these arrangements on a case by case basis. As a result of this the Revenue have issued some guidance about how to deal with the tax consequences of these schemes by notifying interest in settling the tax on these payments which will avoid increased tax. We can guide you through this process if you are in this position – please contact us using the information on our ‘Contact Us’ page.