IFS calls to raise taxes in upcoming Budget The IFS calls to raise taxes in upcoming Budget. The Institute for Fiscal Studies (IFS) has urged Chancellor Rishi Sunak to use the forthcoming Budget to raise taxes. The think tank stated that the Chancellor either needs to raise taxes or ‘break a fiscal rule’ in order to avoid day-to-day spending
Spring Statement 2019 date announced The Chancellor of the Exchequer, Philip Hammond, has announced that the government will respond to the forecast from the Office for Budget Responsibility (OBR) in the Spring Statement 2019 on Wednesday 13 March 2019. The Chancellor may take the opportunity to announce tax changes and consultations. We will update you on pertinent announcements. For
The Budget: Autumn 2018 The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech he stated that ‘austerity is coming to an end – but discipline will remain’. He also promised a ‘double deal dividend’ if the Brexit negotiations are successful but stated that there may be a full-scale Spring Budget in
‘No deal Brexit’ guidance: Contingency planning HMRC has issued ‘no deal Brexit’ guidance in the form of a Partnership Pack to help businesses carry out contingency planning and to help their customers, members and clients to: think about how they will need to adapt their business to comply with new systems, processes and controls assess the impact of the
New guidance for employers HMRC has issued the October 2018 Employer Bulletin which contains a number of articles providing guidance for employers on payroll related issues. The articles cover a number of areas including: clarification of the rules regarding paying employees when the regular payday is a non-banking day dealing with PAYE Settlement Agreements and new procedures to accommodate
Making Tax Digital for VAT public pilot opens and deferral for some businesses HMRC has opened the Making Tax Digital for VAT (MTDfV) public pilot. However certain VAT-registered businesses (around 3.5% according to HMRC) with more complex requirements will be deferred from being subject to MTD for six months. Essentially, the public pilot is now open to sole traders
Entrepreneurs’ Relief changes The government announced, as part of the Budget, that some changes are being made to the rules for Entrepreneurs’ Relief (ER) with immediate effect for disposals on or after 29 October 2018. Two new tests are to be added to the definition of a ‘personal company’, requiring the claimant to have a 5% interest in both
Capital allowances changes A number of changes to capital allowances were announced at the Budget, including an increase in the Annual Investment Allowance (AIA), for two years to £1 million, in relation to qualifying expenditure incurred from 1 January 2019. The AIA is currently £200,000 per annum. Complex calculations may apply to accounting periods which straddle 1 January 2019.
Personal tax allowance and basic rate band increases At the Budget, the Chancellor announced that increases to the personal tax allowance and basic rate band for 2019/20. The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold at which
Personal tax changes – allowance and basic rate band increases At the Budget, the Chancellor announced that increases to the personal tax allowance and basic rate band for 2019/20. The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold
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