5 things for contractors to look out for in 2020

Christmas is over and a new decade has begun. To help jumpstart the New Year and the start of a new decade, here are five things for contractors to look out for in 2020.

1. CES 2020

Specifically catering to consumer-technology lovers, the Consumer Electronics Show 2020 will kick-start the new decade from the 7th to the 10th of January. Over four days, tech leaders and innovators will showcase new and emerging consumer technologies that are rolling out to the world stage.

This year you can expect to see everything from the latest in vehicle technology (self-driving cars and high-tech prototypes, for example) to products like virtual drum kits and flying surfboards. Look for our blog in January covering the best (and most thought-provoking) products at CES 2020.

Read what we thought about CES 2019.

2. The self-assessment deadline

The Christmas period marked the start of HMRC’s busiest time for receiving completed self-assessment tax returns.

Taxpayers were busy on Christmas Day, with over 3,000 people filing their self-assessments. Most returns were filed before the big feast, between midday and 1 pm.

Christmas Eve and Boxing Day were even busier with over 9,000 and 22,000 taxpayers filing their self-assessments on these days.

Your self-assessment is due by 23:59 on Friday 31st January – and you could face an instant penalty of £100 for being late.

You can access support from self-assessment experts if you need extra help or would like a professional to complete it on your behalf. Read about our self-assessment service or call the Personal Tax team directly on 01707 671648.

3. The Budget

The Budget is normally held in autumn, but this year the government has postponed the announcement until sometime after the General Election on 12th December.

In the Budget, which is now not expected until sometime in March 2020, we can expect to hear more about plans to address the 2019 Loan Charge, Off-payroll in the private sector and how the government will support businesses in the aftermath of Brexit.

4. Off-payroll in the private sector

IR35 in the private sector – now known as off-payroll – has been an important topic for most of 2019. Changes to the legislation are taking effect from 6th April – the start of the 2020/21 tax year – affecting contractors operating through limited companies.

Those who will be in-contract in 2020 should be informed by their end-clients in the coming weeks (at the latest) if they will be caught by IR35 from 6th April. This is to ensure all payments made to contractors for work done before April are completed before the changes take effect. Any payments for inside IR35 roles on and after 6th April will need to have income tax and National Insurance deducted at source.

For many, off-payroll in the private sector may mean a change of end-client or negotiating new contract terms and working circumstances. For others, it could be that working through an umbrella company is the best payroll option. Last-minute legislation adjustments in the Budget are somewhat unlikely, so contractors should proceed with the information that’s currently available.

Read more about IR35 changes in the private sector.

5. The World Expo, Tokyo 2020, and the Euro 2020 Championship

On a lighter note, 2020 will be a year of exciting events on the global stage – the 2020 World Expo, the Tokyo 2020 Olympics and the UEFA Euro 2020 Championships.

Kicking off first is the UEFA Euro 2020 Championships. Football lovers across Europe and the rest of the world will tune in and attend games all over Europe from 12th June to 12th July – with the winner being crowned at the final match at Wembley Stadium.

Shortly following the Euros is the 2020 Summer Olympic and Paralympic Games in Tokyo. Japan has been lucky to host two major sporting events in the space of a year – the Rugby World Cup in 2019 and now the Olympics. From 24th July 2020, the best-in-sport will compete for gold medals – from swimming, football and boxing to surfing, skateboarding and taekwondo.

Last but not least, the World Expo is back in 2020 – this time in Dubai. With 190 countries participating, Expo 2020 will entertain visitors with live performances, global celebrations, health and wellness activities, art and cultural events and plenty of business opportunities. The World Expo is held every five years.

2020 is set to be a busy, exciting year – and full of change.

From the Consumer Electronics Show in January to changing legislation affecting contractors and freelancers, there is plenty to look ahead to in 2020.

A fresh year is also a great time to make changes. Whether you’re looking for a new accountant for your limited company or an umbrella payroll service, we can support you in 2020.

View our services to find out how we can help; contact us on 01707 871622 for an impartial consultation and breakdown of your take home pay as a contractor.