Although it may feel the summer is only just beginning, we like to keep you up to date with financial news and our autumn update is ready!
With the surprise vote to leave the EU earlier on this year, we’re exploring the most important developments in the world of business and taxation. Here are some of the stories you can find:
Tax on investments: new opportunities
Valuable opportunities have opened up recently to save tax on investments. Some people will now be able to have up to £17,000 of savings income tax free. If they also receive dividends, up to £22,000 of their income could be tax free as a result of the new £5,000 dividend allowance. We touched more on this on our blog post about new rules for dividend taxation.
The new state pension system
We wrote about the new single tier pension here. On 6th April this year, the state pension system underwent a seismic change which will affect men born on or after 6th April 1951 and women born on or after 6th April 1953.
Changes to entrepreneurs’ relief
Entrepreneurs’ relief is important for all business owners, because the capital gains tax (CGT) charge on qualifying assets is only 10%. However, with the rate of CGT on most assets (other than residential property and carried interest) now down to just 20% for higher and additional rate taxpayers, missing out on entrepreneurs’ relief has not been quite so serious since 6 April this year.
Failure to prevent bribery
A recent case where Braid Logistics ended up paying £2.2 million in settlement, highlights how the failure to prevent bribery under the Bribery Act 2010 is an offence for which a firm can be severely fined.
You’ll find all of these plus other articles on loan rates and the implications of Brexit for tax and business as well as some key dates for your tax calendar. Download your copy now.
We hope you find the contents of this newsletter useful and informative. If you think you may be affected by any of the topics in this edition call us today.