Here Comes The Summer!
On the one hand, there have not been any tax CHANGES since the start of the tax year but on the other hand there are many rumours swirling around that the autumn budget is going to include lots of unpleasant tax changes.
Most of us, I am sure, run our finances something along the lines of “this is how much money I have, so this is what I can spend it on”. Governments (of all persuasions) seem to run theirs along the lines of “this is how much we want to spend, so this is how much tax we need to raise”.
One of the changes that was brought in by last autumn’s budget and which has gained a lot of news coverage was a radical overhaul of Inheritance Tax on farms. What might have been missed with all the attention given to this is that the changes don’t just apply to farms, they apply to ALL businesses. Anyone with a business which they were hoping could be passed on to the next generation really needs to know about these changes.
Our Summer Newsletter goes into detail on this and is well worth a read. The Newsletter can be downloaded using the link below:
The Newsletter contains information on:
How to pay dividends in the most tax efficient way
An update on the payrolling of Benefits in Kind..
The IHT changes referred to above
And much more!
On the horizon….
There are a couple of big changes on the horizon. Making Tax Digital for Self Assessment and new ID requirements at Companies House for all directors of companies.
You may have received communications about one or the other. As always, your Continuum team is working on this and will be in touch in plenty of time with all clients affected.
If you have any questions, on anything, don’t hesitate to contact us below: