Tax | Budget 2020: HMRC automated orders given equal legal status

Automated penalty notices and orders to file self assessment tax returns are going to be given the same legal status as if they had been issued by an HMRC officer, reports Sara White

12 Mar 2020

Tax

HMRC

Tax Compliance

Budget

Tax | Budget 2020: employment allowance hiked by £1,000

The Budget saw the maximum employment allowance increase by £1,000 to £4,000 from April 2020, but the government has held firm on plans to restrict the relief to employers with a NICs' bill of under £100,000

12 Mar 2020

Tax

Employment Tax

Budget

Tax | Budget 2020: LLPs ‘without view to profit’ face HMRC probes

The government is clamping down on abuse of limited liability partnerships (LLPs) which claim to be operating for profit, but are actually not, clarifying HMRC powers to amend their tax returns, reports Sara White

12 Mar 2020

Tax

Business Tax

Tax Compliance

Budget

Tax | Budget 2020: CPI rise in capital gains tax exempt amount

From April 2020, the annual exemption for capital gains tax (CGT) will increase for individuals and trustees of settlements

12 Mar 2020

Tax

Personal Tax

Budget

Tax | Budget 2020: top slicing relief on life insurance amended

The Budget set out an immediate change to the tax treatment of top slicing relief (TSR) on life insurance policy gains to reinstate the reduced personal allowance and remove the higher rate cliff edge

12 Mar 2020

Tax

Personal Tax

Budget

Tax | Budget 2020: one-year extension to Enterprise Zone enhanced capital allowances

The Chancellor has announced that the 100% first year capital allowance for investments within Enterprise Zones will now remain available until at least 31 March 2021, a year longer than planned

12 Mar 2020

Tax

Business Tax

Budget

Tax | Budget 2020: IP rules on intangible fixed assets clarified

The Chancellor used his first Budget to make further changes to the corporate intangible fixed assets (IFA) regime, bringing older well-established intellectual property rights within its scope to create a unified approach

12 Mar 2020

Tax

Business Tax

Budget

Tax | Budget 2020: fuel tax accelerator remains in hibernation

The Chancellor confirmed at Budget 2020 that the fuel price accelerator will not be used and fuel tax will not be hiked, maintaining a 10-year freeze

11 Mar 2020

Tax

Personal Tax

Budget

Tax | Budget 2020: motorhome road tax aligned with vans

A major shakeup of vehicle excise duty rates for motorhomes will see a hike in road tax rates which will take immediate effect, reports Zak Jakubowski 

11 Mar 2020

Tax

Budget

Tax | Budget 2020: Chancellor confirms second autumn Budget

During his first Budget speech, the Chancellor Rishi Sunak confirmed that there would be a second Budget this autumn

11 Mar 2020

Tax

Budget

Politics

Tax | Budget 2020: corporation tax rate kept at 19%

There will be no changes to the corporation tax rate of 19% with the Red Book confirming the current figure for 2020/21, reports Sara White 

11 Mar 2020

Tax

Business Tax

Budget

Tax | Budget 2020: pensions tapered annual allowance raised

Chancellor Rishi Sunak has used the Budget to take action on concerns raised about the impact of the pension tax regime on senior NHS medical staff, announcing plans to significantly reduce the number affected by the tapered annual allowance, which is to increase by £90,000

11 Mar 2020

Tax

Personal Tax

Tax Planning

Budget

Business

Pensions

Tax | Budget 2020: coronavirus business interruption loan scheme

Among a package of Budget measures to counteract the potential impact of coronavirus on business activity, Chancellor Rishi Sunak announced the launch a new, temporary coronavirus business interruption loan scheme, reports Pat Sweet

11 Mar 2020

Tax

Budget

Business

Companies

Tax | Budget 2020: HMRC to be preferred creditor in insolvency

Government plans to make HMRC a preferred creditor in any business insolvency have been confirmed, with the change now set to be introduced on 1 December rather than 6 April as originally announced

11 Mar 2020

Tax

Budget

Tax | Budget 2020: private pleasure crafts must use white diesel

The Chancellor has announced that privately owned boats and yachts will have to use white diesel instead of the cheaper red diesel in their tanks to curb pollution

11 Mar 2020

Tax

Budget