The leaders of the UK and European Union signed the Withdrawal Agreement, and the UK left the EU on 31 January 2020. However the UK is now in the transition or implementation period during which time it is 'business as usual' as the UK is covered by EU rules until the end of the year. By 2021 the UK aims to have agreed a deal on future arrangements with the EU and the rest of t ...
Changes to overdraft fees
The Financial Conduct Authority (FCA) has confirmed it will introduce new rules in April this year that it says will make the costs of overdrafts clearer and easier to compare. The rules will mean banks can only charge for overdraft users a simple annual interest rate – without additional fees and charges. According to the FCA, seven out of ten overdraft users will be better ...
Guidance on Structures and Buildings Allowance
The latest HMRC Agent Update includes guidance on the Structures and Buildings Allowance (SBA). This capital allowance is designed to provide tax relief for businesses and to support investment in constructing new structures and buildings and improving existing ones. The SBA relieves the construction costs for new structures and buildings used for qualifying purposes and the i ...
Off worker - Contractor factsheet on IR35 rules
HMRC has just updated its guidance on the extension of existing off-payroll working rules (IR35) to the private sector, scheduled for April, with a new contractor factsheet setting out the changes. Download Off worker - Contractor factsheet on IR35 rules While the factsheet references the review the government has launched into the implementation of changes to the off-p ...
Chancellor commits to review of IR35
The Chancellor of the Exchequer, Sajid Javid has announced that the major review of all aspects of self-employment, promised in the Conservatives' manifesto, will include the proposed extension of the Off-Payroll working rules to the private sector from April 2020. Speaking on Radio 4's Money Box Election Special, Sajid Javid said that, as part of the review, he wanted in part ...
Minimum wage rates announced
The government has announced a 6.2% increase in the National Living Wage (NLW), which applies to workers aged 25 and over. From 1 April 2020 the NLW will rise from the current rate of £8.21 to £8.72 an hour, in the largest raise since it was introduced two decades ago. The government has confirmed that the new rate will start on 1 April 2020 and will result in an increase of £ ...
Call for review of High Income Child Benefit Charge
The Low Incomes Tax Reform Group (LITRG) is calling on the government to address issues with the High Income Child Benefit Charge (HICBC). The HICBC is designed to claw back child benefit where the claimant or their partner earns in excess of £50,000. According to LITRG some households think making a child benefit claim is not worthwhile if it will be clawed back in full via t ...