Post-Budget top tips
Following the Budget, there are a few things that you ought to be thinking about. Mike Hayes, Tax Partner, gives his top pointers:
- Make sure your payroll and HR teams are up-to-date with all the recent and prospective changes to employment taxation
- Bear in mind that the engagement of freelancers or workers providing their services through their own service companies will become a more difficult area of taxation in the future. This is still the case in spite of the Government’s reversal on the NIC increase for the self-employed
- Ensure your accounting software provider is going to make the appropriate upgrades so that you can comply with Making Tax Digital
- Review business structures with a view to preserving or maximising the substantial shareholdings exemption, entrepreneurs’ relief and investors’ relief
- If you are the owner or a director of a larger company, consider whether the changes to interest relief, loss relief and similar will affect you
- Use your ISA allowance for 2016/17 and for 2017/18 (the USA limit will increase to £20,000 for 2017/18).