This year we have had quite a few changes to tax that have impacted individuals, businesses and landlords. We wanted to summarise a few fundamental changes coming up next year, which are worth noting.

If these apply to you, then planning can help you manage the changes more effectively.

Domestic Reverse Charge VAT Scheme

For construction and building services are being changed. This has now been delayed until 1 October 2020, and more information about how this will work will be issued nearer the date.

IR35’Off-Payroll’ Rules

If you are a contractor or freelancer, then you need to be aware some significant changes are coming up in April 2020. As we hear more, we will keep you informed.

R&D tax

From 1 April 2020, the amount of payable R&D tax credit that a qualifying loss-making company can receive in any tax year will be restricted to three times the company’s total PAYE and NICs liability for that year.

Private Residence Relief 

From 6 April 2020, the final period of exemption will be reduced from 18 to 9 months where there the owner has two properties, one unsold and the second, which is now their main residence.

Capital Gains Tax

From 6 April 2020, Capital Gains Tax must be made within 30 days of selling or transferring the property to a family member. If the payment is not made in time, the HMRC has stated that they may charge interest or impose penalties.

Also, we wanted to remind you that in March 2019 the HMRC announced that they would not be mandating Making Tax Digital for any new taxes or businesses in 2020. This gives businesses more time to prepare for when the changes do come into force.

We will continue to keep you updated in 2020 as we know more about these and any other changes that are introduced during the year. In the meantime, if you would like any advice, please do contact us.

You can call 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it..