Now that the UK has finally left the EU some taxpayers will start to see additional tax costs.

Those businesses will be required to consider whether or not the worker would be regarded as an employee if directly engaged and so deduct tax and national insurance from payments as if they were an employee.

The Office of Tax Simplification (OTS) have been asked by the Treasury to review both Inheritance Tax (IHT) and Capital Gains Tax (CGT)

What the Chancellor is more likely to do is abolish or restrict some of the generous tax reliefs that we have got used to taking advantage of.

The tax relief was originally scheduled to revert to just £200,000 from 1 January 2021, but that will now be delayed by twelve months.

You might also want to consider increasing your pension savings before 5 April 2021 as the unused annual pension allowance is lost after three years

New VAT rules are finally due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector.

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 December 2020.