Harts CHARTERED ACCOUNTANTS

Business & Tax Update

11th Feb
Harts November Business & Tax Update

Welcome to our monthly newswire for February, designed to keep you informed of the latest business and tax issues. Please contact us if you have any questions. Remember, we’re here to help.

  • Brexit – transition period The leaders of the UK and European Union signed the Withdrawal Agreement, and the UK left the EU on 31 January 2020.
  • Scottish BudgetMinister for Public Finance and Digital Economy, Kate Forbes, delivered the 2020/21 Scottish Draft Budget on Thursday 6 February 2020.
  • Budget Day 11 March – Chancellor Sajid Javid has announced that he will deliver the 2020 Budget on Wednesday 11 March 2020.
  • A decade of bizarre excuses and expense claims – Vengeful witches and pet hamsters feature in HMRC’s list of imaginative excuses and expense claims.
  • Off-payroll working – HMRC has now published draft secondary legislation for the off-payroll working rules that are due to come into force in April this year.
  • Tax relief on professional fees and subscriptions – Employees are allowed to claim tax relief on their annual professional fees or subscriptions to some HMRC approved professional organisations.
  • Changes to overdraft fees – The Financial Conduct Authority (FCA) has confirmed it will introduce new rules in April this year that it says will make the costs of overdrafts clearer and easier to compare.
  • New right to paid parental bereavement leave – The government has confirmed that parents who suffer the loss of a child will be entitled to two weeks’ statutory leave

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