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December 2019 technical matters

Making Tax Digital:

Goal posts are constantly changing

It’s already here for VAT registered businesses with turnover > £85k

This is set to arrive in 2021 for Residential Landlords

Capital Gains – tax payments on account!

From 6th April 2020 it appears as though capital gains tax could be payable on account within 30 days of a disposal.  Please keep me informed, just in case.

Finance charges for Landlords:

From 6th April 2020 charges (including re-mortgage fees and interest) will be restricted by 100% (currently 75%)

If you are looking to re-mortgage then acting soon could save you some pennies.

Contact me if you need referring to an adviser.

Air B’n’B:

Local councils are considering a 90 day Air B’n’B rule where you need a licence to let for more than 90 days a year.

IR35 – “Personal Service Companies” PSC:

From 6th April 2020 the following scenario will come into force when:

  • Large Business contracts to -> “Agency”
  • Agency subcontracts to -> “Subbie” – The PSC

Large Business will issue an SDS “Status determination statement”.

It is possible this will say that you are an Employee of the Agency (i.e. you cannot use your limited company)

There is rumour of several work arounds – please do not sign up to anything involving Offshore arrangements and especially not anything that involves a Loan Arrangement without running it past me first. Remember if it sounds too good to be true it almost certainly will be.