You’re looking to start up your own company and to become an entrepreneur. You have the name decided upon and you know exactly what goods or services you will offer to your audience, and now you just need some wind to pull your idea off the ground for you to lead to fruition. You may even have identified customers and started establishing a base for your idea.
Contractors completing work for end user clients need to be aware of updates coming in April 2020. There have been discussions concerning the change although much of this was buried underneath Brexit and general elections coverage within the media. The changes would not affect companies that, under Companies Act, are considered small. The change will mean that there will be tougher rules on if a worker is working in effect as an ‘employee’ of the end user and if so to have PAYE and NIC tax deducted from their pay.
An announcement in the Autumn Budget 2018 explained that from April 2020, Capital Gains Tax rules would be changing. Before this date, any sales of additional properties, land, shares in businesses or any other large asset disposals would be included on the individuals’ self-assessment tax return. The sale price would have the purchase price and any reliefs deducted from the amount before the calculation applied a personal allowance amount and calculated tax on the remaining amount.