After the chancellor, Rachel Reeves, stood up at 8am in early November in an unprecedented news conference to prepare us all for the budget that was ahead, the rumours, uncertainty and anxiety inducing “what ifs” have certainly had an effect on small businesses.
This year’s budget felt like one with a huge amount of tinkering, seeing dozens of small Tax and legislation changes that will introduce new Tax rates for property income, higher Tax payable on dividends and ultimately, fiscal drag providing more Tax to the treasury over the coming years.
To help break the budget down, Vantage Tax kindly provided me with a summary to provide to my clients and I have also recorded a video explaining the key facts with an brief demonstration on what we mean by FISCAL DRAG. You can either watch on youtube or listen to the episode on spotify (might not be safe whilst driving as a Tax podcast sends most people to sleep!).
We’ll be conducting directors’ remuneration planning in February/ March as normal for all Company directors and assessing Tax changes throughout January. In the meantime, if you have any specific questions please don’t hesitate to contact me!
Vantage Tax is JP Blackmoor’s Tax fee protection provider and you also have access to their dedicated Employment and Health/ Safety helplines.
