As any keen watcher of Strictly Come Dancing will know, getting good results is all about listening to the experts and taking the right steps.
Choreographing your financial affairs, particularly in relation to tax, is no different: the complexities of the British tax system can make the most intricate Foxtrot or Quickstep look like a walk in the park – and the consequences of getting things wrong can be far costlier than the most withering put down from Craig Revel-Horwood.
KEEPING YOUR BALANCE (OR BALANCING THE BOOKS)
The Budget actually had plenty of good news – for businesses, tax relief on new plant and machinery jumped from £200,000 to £1M in one of the Chancellor’s moves to boost the economy, while Business Rates are set to reduce from 2020. And there was more good news with personal allowances going up – as well as the living wage.
In some areas however, it was the same old routine, with fuel duty, tax on beer and insurance premiums unchanged.
It’s worth noting that you could be on the back foot following this Budget if you’re a landlord, as Letting Relief restrictions (affecting the amount of tax you have to pay when you sell a property) are another new measure that will come into force in 2020.
And the powers that be went tumbling down the leader board of popularity even further for company car drivers, as their tax bill is set to rise yet again.
IT’S ALL ABOUT TIMING
But perhaps the biggest change on the horizon that we all keep hearing about is ‘Making Tax Digital’ or ‘MTD’. Ready or not, next April is the deadline for inputting accounts information into software linking directly to HMRC.
So, with all these – and many other – issues to consider, make sure you choose the right partner to guide you through the taxation tango. Get in touch with our very own Pasha, Partner Paul Edwards, and he’ll make sure you don’t put a foot wrong with the judges at HMRC. Email Paul.Edwards@affordbond.co.uk or use the Contact Form on our website.
Afford Bond are Cheshire’s leading tax experts and accountancy firm, and have offices in Nantwich and Wilmslow employing over 60 staff.