Spring 2020 Newsletter

Newsletters

Simpson Wood | 5th February 2020

Our first newsletter of 2020 comes in the wake of the Conservative party’s election victory in December 2019, but an air of uncertainty remains around the fallout from Brexit. How the cards will fall for businesses, employees and the self-employed is anyone’s guess.

Meantime, it’s business as usual for year end tax and your annual reminder that some reliefs and allowances will be lost if you don’t use them before 6 April 2020. Directors and the self-employed will welcome the news that income tax, national insurance contributions (NICs) and VAT will not be increased.

Less welcome is the news that reported losses to business from fraud and scams are on the rise with nearly 60,000 cases reported in 2018/19. Examples include employee misuse of corporate cards and claiming false business expenses, as well as organised payroll scams. Employers may reduce their vulnerability to fraud by fostering a loyal environment for whistle-blowers to come forward without fear of reprisals.

Meanwhile, taxpayers should beware of making honest mistakes on returns as a First-Tier Tribunal has upheld a penalty charged by HMRC for reporting income and tax-deducted figures from an incorrect P60.

Green governance for business is likely to remain a big theme with climate change rising to new levels of prominence by the end of 2019. There will be increasing pressure from government, clients and employees for businesses to become more environmentally responsible through green travel schemes, ethically invested funds, and the use of plastic and green products from supplier chains.

Our other stories include new restrictions on the relief given to corporations for capital gains and losses, and the new parental bereavement leave coming in from April.

 

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