Changes to entrepreneurs’ relief edge closer

Plans to change entrepreneurs' relief have reached the committee stage of Finance Bill 2019-21 in Parliament. The lifetime limit for gains qualifying for entrepreneurs' relief reduced from £10 million to £1m for disposals made on or after 11 March 2020. In Spring...

Second phase of MTD for VAT delayed

HMRC has deferred rolling out the second phase of Making Tax Digital (MTD) for 12 months due to the coronavirus. Phase one of MTD for VAT kicked in from 1 April 2019, with what HMRC described as a soft-landing period. This included basic bridging software and no...

Spring Budget 2020: Business

Entrepreneurs' relief Entrepreneurs' relief lives for another tax year after being under threat prior to the Spring Budget, but a key change will come in for 2020/21. The rules allow business owners of two years or more to pay capital gains tax at 10%, instead of 20%....

Spring Budget 2020: Reactions

Support announced for businesses affected by COVID-19 Jonathan Geldart, director-general of the Institute of Directors, said: "This was a box-office Budget. Given the circumstances, the Chancellor had to be bold, and he came through for business today. "With the...

Spring Budget 2020: Expectations

Chancellor Rishi Sunak will deliver his Spring Budget speech this afternoon, just 27 days after succeeding Sajid Javid.  It’s been a whirlwind month for the new Chancellor, who rewrote Javid’s speech before coronavirus forced another urgent rethink.  Whether...