Business Update – Winter 2017

Our Winter Business Update

Trick or Treat?

Arrives just as the days are drawing in and the first chills of Northern winds sweep across the lands.

This could be a somewhat fitting backdrop for the Chancellor’s Budget due to be delivered on 22nd November 2017.

Having ridden the weakening storms brought about by a series of hurricanes that wreaked havoc across the Caribbean and southern US, we now have to contend with a Budget delivered in the maelstrom of political and economic climate shaped by Brexit negotiations and political weeping and wailing.

As rumours swirl around whether Mr Hammond’s Budget speech will include measures to help young people in the housing market, our feature this edition is Are you getting it right on rent?. Up to 2 million people act as landlords, renting out property in a variety of situations. Not all of them realise the tax responsibilities that come with that position, however, and HMRC has been looking into some common errors and misunderstandings

Check out our Winter Business Update here:-

Business Update – Winter 2017 download

Business Update – Winter 2017

Our other stories include:

  • Keeping up with employment changes The September Finance Bill includes new rules around termination payments, plus backdated confirmation of the cut to the money purchase annual allowance.
  • Wherever you lay your hat? New domicile changes Some non-doms may be classed as deemed domiciled across all taxes without realising their status had been changed from April 2017 in legislation contained in the second, September Finance Bill
  • Planning for the dividend allowance cut Also reappearing in the second Finance Bill is the cut to the dividend allowance from £5,000 to £2,000 scheduled for April 2018. Director/shareholders are likely to be affected
  • Making Tax Digital moves again The government appears to have listened to concerns around the implementation of Making Tax Digital and extended the timetable.

We will cover the outcome from the Autumn Budget in our next, Spring, edition. Meanwhile, if you’re affected by any of the issues we explore here, do get in touch with me.

Paul Southward