Various changes have come into force this April in the employment arena, some of which could significantly impact small businesses.
For high earners there’s the potential to save a considerable amount of money for those later years in life through good financial planning. However, as the new pension allowance ‘taper’ rules set in, many taxpayers earning over £100,000 are unaware of changes and put themselves at risk of unexpected tax bills and penalties from HMRC.
If you’re married or in a civil partnership, you may be able to benefit from this tax relief scheme, transferring some of your tax free allowance to your spouse and reducing their tax bill.
Since April 2017, changes to Buy-to-Let Tax Relief have been phased in, making it more difficult for many landlords to make a profit. Many landlords are still unaware of these changes, leading to incorrect tax returns, penalties, and possible investigation by HMRC.
Two changes will be coming into play from April 2020 in relation to the relief from Capital Gains Tax relief for private properties.
Usually the most important fixture in the calendar every spring, the Statement this spring has certainly taken a back seat. Brexit is dominating Parliament this month as we still have no clear idea of what will happen come 29th March.
Why is the system so confusing, and how can you get the most out of it?
With Brexit dominating the headlines it’s easy to forget that March is a busy time in the world of Tax.
The only thing certain about Brexit is that it will affect every UK business. And with so much uncertainty over the way it will affect our businesses, and less than a month to the deadline, businesses are being advised to prepare for every scenario.
Whether it’s in person or by virtual meeting software, there’s huge value in placing yourself in the spotlight, talking through your product or service with those you want to win investment from.