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Notable for what didn’t change, as well as what did…

There are many ways in which your eventual liability to capital gains tax (CGT) can be minimised, particularly when share prices are depressed.

A round-up of key dates for May, June and July 2020.

HMRC extends MTD digital links deadline until 2021, and the rise in contactless card payment limit.

If coronavirus means you can’t pay a tax bill on time, the government is offering Time To Pay (TTP) as a way of easing cash flow problems.

Change to National Insurance contributions (NICs) limits and thresholds took effect from 6 April. The Treasury says the ‘typical’ employee will pay around £104 less in NICs in 2020/21. Before the coronavirus crisis, there were plans to raise the NICs threshold to £12,500. What will happen now is more uncertain.

Before the Budget, there were fears that it might be scrapped altogether. It wasn’t. Entrepreneurs’ Relief (ER) lives on, but with a new name – business asset disposal relief – and a new, lower lifetime limit.

At this time of unprecedented challenge, employers will have many concerns, from issues around health and safety in the workplace (where this remains open), to how best to facilitate homeworking. Please do not hesitate to contact us for advice on these or any of the areas outlined below.

The coronavirus crisis has the potential to be big business for criminals. Stressed business owners and employees make easy prey and HMRC warns that fraudsters are already looking to capitalise on the situation.

The IR35 rules had been set to take effect from 6 April 2020, however, they are now on hold until 6 April 2021. This is to help the business community cope with the impact of the coronavirus (COVID-19), and the government emphasises that it is a ‘deferral, not a cancellation’ of the policy. So, what do contractors do now?

This is a time of unparalleled change for business and the wider community. We are privileged to act as your professional advisers, and if there are matters of concern to you, please do not hesitate to get in touch. Some questions may still be under discussion at government level, but we will do our very best to help.

Government help for business is being put in place, with schemes evolving in real time. Some measures vary across the UK.