Changes: National Living Wage - Minimum Wage

The current rates are set out below:

Note re apprentices

Apprentices are entitled to the apprentice rate if they’re either:

- aged under 19

- aged 19 or over and in the first year of their apprenticeship

Please contact this practice if you require any further information.

VAT Reverse Charge

1 October 2020, VAT: The Construction Services Domestic Reverse Charge (“CSDRC”)

CSDRC applies to transactions wholly within the UK. Like similar rules that have applied for some time to supplies of certain high-risk goods such as mobile phones and computer chips.

The new regulations are intended to counter “missing trader fraud”. This is where a trader reclaims as input tax on purchases an amount of VAT that the supplier has no intention of ever paying over to HMRC.

Please contact this practice if you require any further information.

Residential Property Disposals - Capital Gains Tax

From 6 April 2020 it will be necessary to report the disposal of a residential property within 30 days of completion of the disposal and pay Capital Gains Tax on account to HMRC.

Prior to 6 April 2020 the payment date of Capital Gains Tax was/is on 31 January following the end of the tax year.

A quick example: Property disposal takes place on 1 April 2020 tax due 31 January 2021. Property disposal 1 May 2020 tax due 31 May 2020.

The above is a brief summary and subject to our disclaimer.

Please do not hesitate to contact me if you would like further information.

Alternatively, HMRC are currrently running an informative webinar on these changes.

Archive and other news available here: News