Entrepreneurs are making moves to avoid being caught by surprise changes in
the pre-Budget report set for 9 December.
Fears overan increase in Capital Gains Tax, currently standing at 18%, to
bring it closer in line with the 50% top tax rate levied on high earners next
April has seen advisers receive a deluge of calls for advice, according to the
Businesses are considering pumping more cash into dividend payments with the
aim of buffering income against the higher tax rate for people earning more than
£150,000 a year.
Tony Burns, sole director of compensation claims company Claim Angel told the
Telegraph: “I’ve worked closely with my accountants to set up a system of
management accounts on a monthly basis to maximise the amount of dividends we
can take out of the company.
“I don’t see why we should hand it over to the taxman.”
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MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer