The UK can finally breathe and celebrate an end to Brexit uncertainty. Whatever your political motivation, most of us will be relieved that last week’s election has created a government with a working majority. At last, there is a light at the end of the uncertainty tunnel.
End To Brexit Uncertainty
If you have any sort of trading platform with the EU, you will need to dot the i’s and cross the t’s regarding post-January 2020 changes that we are promised will now happen. At the very least, EU traders should complete their Brexit impact assessments and take steps to mitigate any apparent risks identified.
If you need any help with this, give us a call.
When Will The Next Budget Be Announced?
The new government will need to get its Budget act together. Brexit is likely to monopolise their time until the end of January, but once that is out of the way, we would expect to see a Budget date in the first two weeks of February.
Budget issues do need to receive fairly urgent attention as there are a number of Income Tax reliefs that are still to be determined for 2020-21.
As details emerge we will be publishing details and advising clients of any new opportunities to trim their tax bills and take advantage of any new opportunities revealed by the Budget announcements.
What To Expect As A Business Owner In 2020
- Income Tax, VAT and National Insurance will not be increased.
- National Insurance will rise to £9,500 from 2020.
- Business rate reduction.
- Increase the National Insurance Employment Allowance.
- Clampdown on late payers of business accounts.
- R&D tax credit to increase to 13%.
- Reforms to CGT Entrepreneurs’ Relief.
- New tax anti-avoidance legislation.
Approaching The End Of The Tax Year
Once the Budget changes are announced there should be enough time to consider tax planning options to action before 5 April 2020. It is worth underlining that once the tax year-end date passes, 99 per cent of your tax planning options for 2019-20 will cease to be effective.
