Professional Firms Insight – Winter 2017
Welcome to this edition of Professional Firms Insight.
Looking back over 2017, we are pleased to report the majority of our professional firm clients have had a good year. They achieved solid growth and, while 2017 saw some fluctuations in the markets as the political decisions of 2016 come into play, we believe that most of our professional firm clients in London and the South East are still continuing to expand and grow.
The Chancellor of the Exchequer, Philip Hammond, gave his first autumn Budget. First-time buyers will be happy with a reduction in Stamp Duty. The older generation who were expecting to foot the bill to fund giveaways to the younger generation will be pleased there were no specific measures to rebalance wealth as feared, and no changes to pensions.
The Chancellor also indicated that more changes are to come with the announcement of future consultations. While there were no major announcements, there were small changes that could affect some professional firms. For example, the much talked about changes to the taxation of partnership profits which will, in future, need to be split between partners in the same proportions as accounting profits. Our article in this issue will take a further look at how these changes may affect you.
In this edition, we focus on the upcoming changes which will affect professional firms in the first half of 2018 including the introduction of the General Data Protection Regulation and the first period of reporting of payment practices and performance for some professional firms. Kingston Smith Financial Advisers also help to clarify some of the practicalities of the tapered annual allowance for pension contributions.
I hope you enjoy this edition of Professional Firms Insight. Our team is always on hand to help and we welcome any feedback or questions you may have.
Wishing all our professional firm clients and contacts a happy and prosperous New Year!