2019 saw turmoil in the UK economy owing to the issue of Brexit and the year went budget-less. Such a scenario has never occurred since 1768. The sudden deadline for Brexit has arrived and gone and then came the elections. They are the reasons solely responsible for having a year without Budget. This year, we can expect a budget a couple of weeks before the financial year ends. So what can your expectations be from the upcoming budget and how can chartered accountants in Somerset help you in this regards?
What expectations can you have from the 2020 Budget?
According to the prevailing political and economic scenarios in the UK, the following things may be expected out of the Budget:
- Increase in the threshold mark below which you do not need to pay the National Insurance Contribution (NIC): Right now, it stands at £8,632, and an increment to £9,500 was expected. The changes would surely be welcome news for the employees and employers.
- Review and increase of the prevailing 20% Capital Gains Tax (CGT) rates as there was no concrete commitment regarding the rates. The time for the reporting of the tax on residential property sale is soon going to change from April 6, 2020. So, from this date onwards the tax needs to be reported and paid within 30 days of completion.
- Changes to the existing VAT. Although, it solely depends on the negotiations taking place on trade deals and government getting free from the need for compliance with the EU VAT rules.
- Cancellation of the drop in the rate of corporation tax to 17% from the current rate of 19% proposed for April 2020.
Why do you need to hire experienced chartered accountants in Somerset before the budget?
Hiring from among the experienced chartered accountants in Somerset will help you stay updated about the possible changes that will take place with the upcoming budget and how it will affect your day to day activities, along with your tax filings.
Whites Chartered Accountants is counted among the leading agencies offering chartered accountants in Somerset. They provide a variety of insightful services that can help you keep in step with all the changing economic rules and regulations. In simple terms, the professionals will administer the entire taxation ordeal and will close all the ambiguities arising out of its complexities.