February 2020 Questions

Q. What items can be excluded from ‘taxable turnover’ for VAT registration purposes? When the ‘taxable turnover’ of a business reaches the VAT registration threshold, currently £85,000 per annum, it must register for VAT. Income that is not...

VAT And Brexit

HMRC have not yet issued any guidance as to how imports from, and exports to, EU and non-EU countries should be recorded for VAT return purposes after 31 January 2020, what happens with the reverse charge, and what should be recorded in boxes 8 & 9 of the VAT...

Increased National Minimum Wage Rates From April 2020

Some three million workers are set to benefit from increases to the National Living Wage (NLW) and minimum wage rates for younger workers from 1 April 2020. The compulsory NLW is the national rate set for people aged 25 and over. The NLW is enforced by HMRC alongside...

Loan Charge Repayments Deferred

In September 2019, the government commissioned Sir Amyas Morse to conduct an independent review of the loan change (the review). The review was published on 20 December 2019 along with the government’s response, which confirmed that it would accept all but one...

Capital Gains Tax on Cryptoassets

Cryptoassets are a relatively new type of asset that have become more prevalent in recent years. New technology has led to cryptoassets being created in a wide range of forms and for various different uses. Cryptoassets (or ‘cryptocurrency’ as they are...