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 Accounting News & Insights

After all is said and done...

7th October 2015

The Changing Landscape of Taxation means businesses must devote their time to take stock and consider how some of the recent developments could impact on their business and personal circumstances. 

The proposed changes to dividend taxation, the removal of relief of amortised goodwill, exclusion of newly incorporated goodwill from entrepreneur’s relief and restricting relief on financing costs that landlords of residential properties can get are some notable changes that could adversely impact the taxpayers’ business.

To be fair, there a few positives to take away including reforming the wear and tear allowance (for the tenants hopefully at least), setting a permanent level of annual investment allowance at £200,000, reduction in corporation tax rates, increasing personal allowance and basic rate tax band and increasing the inheritance tax threshold.

Although some are already in effect and others from 2016, it is never too late to speak to your advisor to find out how they affect your immediate and long term plans. Also, putting in place measures to pacify adverse impact or maximise positive ones usually requires a minimum holding period.


Not too far from now, the Chancellor will have another opportunity to inundate us further in the Autumn Statement which will be held on 25 November 2015.

 

If you want to talk about how the recent developments are or will affect you, feel free to call either Keng Cheong or your dedicated Ward Williams contact.

 


Accounting News & Insights

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