Tax Newsletter - September 2019
02 September 2019
Latest tax news for Higher Earners' Pensions, Business Rates, Apprenticeship Levy and the postponed introduction of the Domestic Reverse Charge VAT in Construction.
The new Chancellor, Savid Javid, is being kept busy with some of the items on his agenda to include a review of the Tapered Annual Allowance affecting the pensions and tax bills of those earning over £150,000 and the Apprenticeship Levy.
There has been a lot of press about NHS professionals being hit hard with unexpectedly high tax bills which has resulted in many refusing to take on extra shifts in an already strained health system. In response, the Treasury has said it will review how the tapered annual allowance supports the delivery of public services.
Since its introduction in April 2017, the Apprenticeship Levy has been under fire with claims that it is not fit for purposed. The latest tweak suggested is to broaden the range of training allowed under the program so employers have greater flexibility in terms of training and progressing their workforce.
A major shift in how VAT is collected within the Construction sector will happen as of 1st October 2020 with the introduction of the Domestic Reverse Charge. Many small and medium construction companies will have to make significant changes to their accounting and invoicing systems. Should you need advice on this please give your accountant at Daly Park a call.
Click here to read our September 2019 Newsletter.