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As we blogged last week, the Government is progressing with its plans for a Finance Bill 2016. A key part of the plans, which are predicted to raise billions in extra government income, are measures to increase taxes on dividends.
Our analysis shows that the changes, as planned, will hit lower earning company directors harder. Still Government are intending to press ahead with these significant changes from April 2016.
We believe implementation should be delayed to give the entire micro-business community time to prepare for the changes. At the very least a transitional dividend tax credit should be retained for those earning under £50,000 for a few years.
You can read our formal response to this part of the Finance Bill 2016 policy papers here. We’re engaging with politicians across all parties to explain the unique needs of micro-businesses on this and other issues.
Stay tuned as early in the New Year we’ll be launching the next phase of our campaigning against the dividend tax plans.
We’re fast approaching the end of the tax year on 5th April, and now is usually a good time to get to grips with any tax changes, so you can maximise your tax efficiency for the outgoing tax year and get your business prepared for the new tax year. You’ll also want to stay up-to-date with the rates and thresholds.
Business mileage is an important – but often overlooked – expense for freelancers and contractors. In short, this is good news for you and your company.