Winter 2019 Newsletter
The seemingly endless political seesawing of the last few months is not over yet and change is in the air. While there has been some respite from politics with the rugby World Cup, even that was temporarily disrupted by a destructive typhoon.
As we move towards winter with continuing political uncertainty, in this edition of our newsletter we focus on things that are changing or could change. The planned roll out of the off-payroll employment tax rules to the private sector in April 2020 will mean that many contractors may see an unwelcome change their employment status. The new rules will require medium and larger firms to issue contractors with an employment status determination statement, which could alter their tax treatment.
For many, the idea of completely changing how they work to become self-employed has great attractions. But as we explore in our feature ‘So you want to be your own boss?’, that shift brings a whole new set of planning and organisational issues you need to consider. From working out the appropriate trading structure, to saving enough for your tax bills and taking out relevant insurance, becoming your own boss requires discipline and forward thinking.
The other big item in the news aside from the obvious is climate change. Did you know that most company cars are diesel – 79% at the last count in 2016/17? From next April a new company car tax regime will come into force due to the UK adoption of new car emission standards. This substantial overhaul will see a shift towards favouring electric and low emission cars for those using benefit in kind rates.
Our other stories in this edition include:[pdfjs-viewer url="https%3A%2F%2Fwww.simpson-wood.co.uk%2Fwp-content%2Fuploads%2F2020%2F01%2FSimpson-Wood-Oct-Nov-2019-Newsletter.pdf" viewer_width=100% viewer_height=1360px fullscreen=true download=true print=true]
- Getting it right on VAT – Several tribunal cases show the complexities of the VAT rules and the dangers of getting them wrong.
- Remember pension re-enrolment – small and micro employers will soon need to comply with workplace pensions re-enrolment.
We will update you again in our next edition in the new year. In the meantime, please do get in touch if you think you may be affected by any of the topics in this edition.