
Today’s announcements were hailed by George Osborne as a budget for the next generation, aimed at delivering stability and benefits over the longer-term. With the media widely predicting another ‘surprise’ , it didn’t materialise – though the reduction in Capital Gains Tax rates for some and the extension of Entrepreneur’s Relief to more gains was unexpected.
Here’s our brief summary of the highlights that we think businesses and private individuals will be most interested in. Look out for more detail from us in the next couple of days.
From April 2020
A range of measures being implemented over the next 5 years to level the playing field between small and global businesses through changes to the rules on tax and interest so they pay more tax in the UK.
Agencies and public bodies engaging workers who operate under a personal service company will become responsible for deciding if the intermediaries legislation (IR35) applies and then deducting appropriate tax and national insurance contributions.
A more detailed summary of the changes introduced in the budget and their likely impact for business owners and private individuals will follow later this week. In the meantime, if you have any immediate concerns or queries, please speak to your usual WMT tax advisor on 01727 838255 or contact Anne-Maree Dunn.