April 2019 – 6 changes coming this month

April 2019 – 6 changes coming this month

There are some fairly big changes coming over the next few days as we end one tax year and start another. Here are some of our top picks:

  1. Changes to Entrepreneurs’ Relief – For disposals on or after 6 April 2019, the required ownership period increases from one to two years
  1. UK Capital Gains Tax (CGT) on non-residents will be extended to sales of all UK real estate property from 1 April 2019. Currently, non-residents pay UK CGT on sale of residential property but the new single regime covers all real estate located in the UK (both residential and commercial)
  2. The basic personal allowance increases from £11,850 to £12,500 from 6th April; the capital gains tax annual exemption increases from £11,700 to £12,000
  1. Making Tax Digital – All VAT registered businesses with a turnover greater than £85,000 (including unincorporated businesses, companies, LLPs and charities) will be required to file their quarterly VAT returns online. They will also be expected to keep and maintain digital VAT records. The first VAT return to be filed digitally will be in respect of the first VAT return period beginning on or after 1 April 2019
  2. From 6th April 2019 to 5th April 2020, the National Minimum Wage and National Living Wage will increase for the following age groups:

25+ years       21-24 years     18-20 years          18 & under       Apprentice

£8.21              £7.70               £6.15                       £4.35             £3.90

6. From 6th April 2019, overall minimum pension contributions into qualifying pension schemes are to increase.            For some employees the increase will be significant and provisions should be made before the start of the tax                year

If you would like to discuss any of these changes or have any queries about your tax position, please contact [email protected] or call 01527 558539 and we will help.

6 changes to watch out for

6 changes to watch out for

We are using cookies on our website

Please confirm, if you accept our tracking cookies. You can also decline the tracking, so you can continue to visit our website without any data sent to third party services.