August Business & Tax News

Posted: 5th Aug
August Business Newswire

In our monthly newswire we keep you informed of the latest business and tax issues. Please contact us if you have any questions. Remember, we’re here to help.

  • Off-payroll rules for the private sector The government has published the draft legislation for the next Finance Bill including the rules for off-payroll working in the private sector
  • Digital Services Tax – From April 2020, the government will introduce a new 2% tax on the revenues of search engines, social media platforms and online marketplaces which derive value from UK users.
  • Insolvency hierarchy changes – From 6 April 2020, insolvency legislation will be amended to move HMRC up the creditor hierarchy for the distribution of assets in the event of insolvency.
  • Private Residence Relief changesThe government published draft legislation for the next Finance Bill including draft clauses on the changes to Private Residence Relief .
  • Working parents may be eligible for tax-free childcare this summerThe government is reminding working parents that they could ease this summer’s childcare costs by using Tax-Free Childcare.
  • VAT changes may cause construction chaos – The Federation of Master Builders (FMB) is warning that a major change in the way that VAT is accounted for in the building and construction sector which takes effect later this year may cause chaos.
  • Wage growth at a high Data published by the Office for National Statistics (ONS) has revealed that UK wage growth increased to 3.6% in the year to May 2019, the highest rate since the financial crisis in 2008.
  • Updated guidance on spotting HMRC scammers HMRC has updated their list of examples of websites, emails, letters, text messages, WhatsApp messages and phone calls used by scammers and fraudsters to obtain an individual’s personal information.