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Late, late tax planning

The 2009 Pre-Budget Report in December signalled a significant number of tax increases in the UK designed to make up the significant Budget deficit following the banking crisis. For many or our clients there will be a significant impact on their finances.-Income tax rates to rise and personal allowances to reduce for wealthier clients. -Future changes to rates applicable for dividends, trusts and NICs. -New 50% income tax band. There are further complicated rules for pension relief restriction and the end of well-established tax breaks for furnished holiday lettings (currently enjoying business tax advantages). There … Continue Reading

Scary tax planning in a changing world

I cannot remember a time when the tax regime in Britain was in a position of such flux. As we know the cost of the banking crisis and the recession has cost the government, or at least UK plc dearly. There is a huge deficit to be made up, exacerbated by the futile policy of reducing VAT from 17.5% to 15% for thirteen months. There is talk that after the election whoever is in power will have to raise VAT to 20%. There is not much we can do to mitigate this in advance, and from the Government’s point of … Continue Reading

March 2009 Tax Update and newsletter

As it is frowned upon to paste a blog in more than one place on the Web, please follow this link to the newsletter. I do hope you find it useful.