We are pleased to offer you a complimentary copy of our winter newsletter.
After a stormy autumn in every sense, we’re rushing into the winter season with a second Budget to look forward to later this month. In the meantime, some measures initially culled from the first Budget have reappeared in the second Finance Bill.
The topics covered in this issue include:
- Are you getting it right on rent? Up to 2 million people act as landlords, renting out property in a variety of situations. Not all of them realise the tax responsibilities that come with that position, however, and HMRC has been looking into some common errors and misunderstandings.
- Keeping up with employment changes The September Finance Bill includes new rules around termination payments, plus backdated confirmation of the cut to the money purchase annual allowance.
- Wherever you lay your hat? New domicile changes Some non-doms may be classed as deemed domiciled across all taxes without realising their status had been changed from April 2017 in legislation contained in the second, September Finance Bill.
- Planning for the dividend allowance cut Also reappearing in the second Finance Bill is the cut to the dividend allowance from £5,000 to £2,000 scheduled for April 2018. Director/shareholders are likely to be affected.
- Making Tax Digital moves again The government appears to have listened to concerns around the implementation of Making Tax Digital and extended the timetable.
- Making the most of fringe benefits Changes introduced from April 2017 have largely removed the tax and NIC advantages of many salary sacrifice arrangements.
We hope you enjoy reading the newsletter. Please get in touch if you need help or advice on any of the topics covered.