New tax measures hidden in Finance Bill
22nd July 2020
By Lyndsey Hall
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.
If you’d like to discuss any of the tax measures raised in more detail then please get in touch.