Last week we posted about the continuing political uncertainties, no budget, no Brexit, and this week parliament has about-faced and confirmed that we will have a general election, on 12th December 2019.
If a new government is in post and raring to go, what flavour of fiscal policy can we expect?
It is doubtful that a budget will be presented to parliament before the Christmas recess. 2019 will be the first year for some time that is budget-free.
Tax advisers will need to be prepared as they will not only have to deal with the usual tax return silly season – the SA filing deadline 31 January 2020 – but also absorb any changes to the tax code announced after Christmas, in a potential budget in February, and likely effective from April 2020.
We have listed below some of tax changes already announced that will be effective from April 2020:
- New rules for off-payroll working.
- No lettings relief unless home-owners were living in their property when it was part let.
- The 18 months, final period of residence CGT exemption is being reduced to 9 months.
- CGT calculations and tax payments regarding the disposal of residential property will need to be reported and paid to HMRC within 30 days of disposal.
Change is in the air and there has never been a better time to focus on how that change will affect clients’ tax and business affairs. Communicating these changes is what we do at Informanagement. If you don’t subscribe to our newsfeeds please take a look https://informanagement.co.uk. Or call me, Laurence Vogel or one of the team on, 08452 722377. We will gladly visit to explain how we can help you navigate these challenges.