I’m appalled at the impact of the tax changes from the budget for Small business ownersI really don’t think that most small business owners really appreciate what is going to happen to their profits as a result of many changes. The tax implications are far reaching and the poor small business owner is going to be hit hard for accounting year ends after 5th April 2016.
For most small business owners they will either be at the point of embarking on Auto Enrolment, having just Staged or be contemplating doing so in the very near future. Let’s be honest Auto Enrolment is not something that is going to benefit the small business owner, it is onerous in cost and time and is a way of the government ensuring we do it’s job for them.I suspect that we may see more of the burden of administration passing away from central and local government for this sort of thing falling on the many small business owners in the UK as clearly it is a way of ensuring no additional cost on the “system”
Unless you have been away out of the country on holiday, not seen the news or been on mars recently you will have failed to miss the furore that there has been around last week’s budget and various cuts to benefits etc. In our usual no fluff style here at KMA Accountancy we have been burning the midnight oil to interpret what the small print says into hopefully a relatively easy to read format on the aspects that really matter to you our lovely clients and website readers. Whilst I’m sure the sugar tax may be of interest I rather think that the increased costs and taxes you may incur/pay as a result of the new Living Wage and introduction of the Dividend Tax are more pressing to you.
Some of the headline issues I’d like to bring to your attention are changes to Capital Gains Tax, the New lifetime ISA’s and issues with Personal Service Companies and the possible implications on IR35.
If you click the link below it will take you to the guide.
Disclaimer
This article is for general information only and no action should be taken, or refrained from, as a result of this information. Professional advice should be taken based on specific circumstances in each individual case. Whilst we endeavour to ensure that the information contained in this article is correct, no liability will be accepted by KMA Accountancy for damages of any kind arising from the contents of this communication, or for any action or decision taken as a result of using any such information.
Tags: Budget, Small business profits, Tax