With the summer now ebbing away, the kids back at school and those long lazy days by the in the sun a distant memory, it is the perfect time for you to take a look at your tax planning.
From April this year we are starting to see the introduction of seismic changes in the world of taxation and accounting.
With an unprecedented amount of change on the horizon, never before has it been more important to have the right accountant working for you, only proficient planning and implementation will ensure you are not adversely effected by the impending onslaught.
Below is a list of just some of the changes heading your way over the coming weeks, months and years.
- Making Tax Digital – HMRC are planning the largest single change to taxation by this single project. The new digital environment will see accounts prepared and reported in close to real time and also a move to taxation, of all types, paid more frequently.
- Mortgage Interest Relief – It’s going! You will not be able to deduct loan interest as an expense, instead a tax credit will be available. This will have huge implications for Landlords.
- Auto Enrolment – Workplace pensions, every limited company will need to operate one, penalties are huge for non-compliance, even if you are eligible to opt out, you still have to comply.
- VAT / VAT MOSS – making supplies over the internet
- IR35 – The strengthening and widening of this anti avoidance legislation. With Agents now actively reporting contractors to HMRC quarterly, this list will form the basis of enquiry over the coming months.
- Managed Service Companies – with many PCS now falling foul of the MSC legislation, see our article on the Christianuyi case, it’s not just IR35 Contactors need to look out for.
- FRS102 – The biggest change to accounting standards in a generation. Goodbye UK GAAP, hello IFRS lite!
- Entrepreneurs Relief – With ever increasing fettering, will this relief be around at all in the coming years?
- EIS SEIS EMI – Share schemes, great if you get them right, not so great if you don’t!
- Employers Allowance – With restrictions applying for sole director entities, only correct planning will see this retained for many.
- Illegal Dividends – With so much emphasis on personal taxation nowadays, it is imperative dividends are declared and reported correctly. Are yours?
- Flat Rate VAT – Many FRS cases come up concerning the selection of industry and associated rate, what documentation do you have to ensure you will pass an enquiry.
If you need a proactive accountant to help you navigate these changes, whether you are a Limited company director, a Buy-to-let Landlord or simply a high net worth Individual, contact us today for a FREE no obligation consultation.
We have accounts based in Essex, Accountants in Canary Wharf an accounts in Brentwood waiting for your call.