Draft business clauses for inclusion in the Finance Bill 2019-20 have been published for consultation to ensure that the legislation works as intended.
The final contents of the Finance Bill 2019–20 will be subject to confirmation at the time of the 2019 Budget.
Each measure is accompanied by:
• a tax information and impact note which sets out what the legislation seeks to achieve, why the Government are undertaking the change and a summary of the expected impacts;
• the draft legislation; and
• an explanatory note which provides a more detailed guide to the legislation.
The consultation will close on 5 September 2019.
The draft Finance Bill clauses are available on the Gov.uk website at www.gov.uk/government/collections/ finance-bill-2019-20.
The Government have also published impacting definitions for the tax information and impact notes and the Financial Secretary to the Treasury’s declaration. The impacting definitions explain what is meant by:
• the Exchequer impact;
• the economic impact;
• the individuals and household impact;
• the equalities impact; and
• the impact on businesses and civil society organisations.
The impacting definitions for the tax information and impact notes are available on the Gov.uk website at www.gov.uk/government/ publications/draft-finance-bill-2019- 20-legislation-impacting-definitions- and-declaration. The Financial Secretary to the Treasury’s declaration is on the same page.
If you don’t currently use software, or your software won’t be MTD-compatible, you’ll need an adviser who can file your VAT returns on your behalf.
Please talk to us at ESB Accountancy to discuss how your business can comply with the new laws – with several decades of financial experience here in Gloucestershire you can either ring us now on – email us on email@example.com or click the Contact Us buttonor please fill the form at the bottom of the contact us page.