New Income Tax Year 2019/20

Key changes to be aware of for the 2019/20 income tax year Alterations to Income Tax Rules for the new income tax year 2019/20 mean that from April 6 2019 to 5 April 2020 the personal allowance will increase from £11,850 to £12,500.  This is the amount you can earn annually, before you are required to pay tax (also known as free pay allowance). Earnings above £12,500 are taxed at a basic rate of 20% up to earnings of £37,500. …

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Digital Tax Registration Requirements

Starting from April 2019 VAT registered businesses with a turnover of over £85,000 will have to register for digital tax, with a few exceptions Making Tax Digital (MTD) for VAT will come into effect from 1 April 2019 for businesses which have a taxable turnover above the VAT registration threshold (currently £85,000). As part of the initiative, firms must keep some records digitally, using 'functional compatible software'. This means a 'software program or set of compatible software programs which can…

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