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Home » News & Insights » Upcoming Challenges – April 2020

Upcoming Challenges – April 2020

Posted on 28th October 2019

Among other tax measures, April 2020 will bring changes to the off-payroll working rules for private sector businesses, capital gains tax and the Making Tax Digital links for the exchange of data between different software programs.

Capital gains tax

April 2020 will see the implementation of new capital gains tax (CGT) rules, including the introduction of new stand-alone CGT returns for disposals of UK residential property. From this date, the returns will have to be paid within 30 days of the completion date of the disposal.

There is a risk that the change will take many disposers by surprise and a number of factors will add to the pressure of the change, including the possibility of it being overlooked by the solicitors handling the sale.

Since the person doing the tax return will need to wait for the client’s authorisation, the whole process might also take longer with the new rules.  

Making Tax Digital

Although there are no major changes expected until 2021, we all need to prepare for the new requirement for digital links from April 2020. From this date, all data exchanged between different software programs will need to be via a digital link, and it will no longer be possible to key in or use manual entries.

This also covers the case of voluntarily registered businesses, which now need to monitor their value of taxable supplies.

IR35

April 2020 will also usher in the new off-payroll working rules bringing the private and the public sectors in line. The new process will impact most businesses engaging contractors through Personal Service Companies.[1]

[1] Reproduced from AccountingWEB

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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