Read the January/February edition of our quarterly newsletter

18th February 2020

Our January/February 2020 newsletter is ready to download.

The cards from the general election in December 2019 have fallen into place, but with a change in the Chancellor already having already taken place it is likely there will be further shuffling. What impact this will have on the political and financial landscape remains to be seen, as we move towards spring and a Budget

Meantime, it’s business as usual for year end tax and your annual reminder that some reliefs and allowances will be lost if you don’t use them before 6 April 2020. Directors and the self-employed will welcome the news that income tax, national insurance contributions (NICs) and VAT will not be increased.

Less welcome is the news that reported losses to business from fraud and scams are on the rise with nearly 60,000 cases reported in 2018/19. Examples include employee misuse of corporate cards and claiming false business expenses, as well as organised payroll scams. Employers may reduce their vulnerability to fraud by fostering a loyal environment for whistle-blowers to come forward without fear of reprisals.

Meanwhile, taxpayers should beware of making honest mistakes on returns as a First-Tier Tribunal has upheld a penalty charged by HMRC for reporting income and tax-deducted figures from an incorrect P60.

Green governance for business is likely to remain a big theme with climate change rising to new levels of prominence by the end of 2019. There will be increasing pressure from government, clients and employees for businesses to become more environmentally responsible through green travel schemes, ethically invested funds, and the use of plastic and green products from supplier chains.

Our other stories include new restrictions on the relief given to corporations for capital gains and losses, and the new parental bereavement leave coming in from April.

We hope you enjoy reading our PDF newsletter which can be downloaded below. If you would like to have more information about any of the articles in the newsletter and their possible impact on you, please let us know.

 

Thompson Jenner LLP January/February 2020 newsletter

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