01142747576 bestadvice@knowleswarwick.com

New tax measures hidden in Finance Bill

22nd July 2020

By Lyndsey Hall

Special bulletin: MTD and more from PracticeWeb on Vimeo.

 

Two weeks after Chancellor Rishi Sunak presented his ‘fiscal event’ that definitely wasn’t a ‘mini Budget’, the government has revealed a series of new measures bundled up in the draft legislation supporting the Finance Bill 2020-21, which was published on 21 July 2020.

The main announcement related to Making Tax Digital, with plans to extend the online reporting regime to all VAT registered business from April 2022. Currently the rules only apply to those businesses with a taxable turnover of £85,000 or over.

The raft of policy statements also covered tax reforms, including a review of pension tax reliefs, a review of business rates, and a consultation of R&D tax relief claims.

Click here to read the full report.

 

If you’d like to discuss any of the tax measures raised in more detail then please get in touch.

 

Additional resources:

Economic Update 8 July 2020

MTD for VAT extension set for 2022/23 rollout

Sunak calls for CGT review

 

 

Happiness is a Positive Cash Flow

Click here for the Quickbooks website Xero Gold Partner Accountants Sage accountants, experts in cloud accounting, Sheffield, South Yorkshire 

ICAEW Chartered Accountants Click here for the ACCA website Connect Yorkshire  Sheffield Chamber of Commerce Click here for the Caunce O'Hara website 

Knowles Warwick Financial Services Limited is authorised and regulated by the Financial Conduct Authority (in respect of regulated investment, insurance and mortgage business). For regulated financial services, the Financial Ombudsman Service is the alternative dispute resolution provider.