While the government worked out its new and unexpected position over the summer in the aftermath of the election, many were left wondering what the implications are now across a range of business and personal tax planning. Towards the end of July the Treasury issued a guidance note outlining its intention to bring back many of the measures left out of the pre-election Finance Act into a second Act after the summer break. By then we may know the date of the first of the Chancellor’s Autumn Budgets.
For the Autumn edition of our newsletter we focus on the day to day issues affecting our clients. On a personal level, our feature this edition is on Tax-free childcare: how does it work? The new tax-free childcare scheme started in April. It should benefit eligible parents and help balance the difficult work-childcare commitments so many face.
Our other stories include:
- Defining employment in the gig economy Continuing controversy around the gig economy and flexible contracts has led the government to commission a review of modern employment practices which may redefine some categories of workers.
- Who’s in significant control? All unlisted UK companies must keep a register of people with significant control (PSCs) in their companies and now some listed and unregistered companies have been added to the PSC regime.
- It can hurt at the margin When tax reliefs are withdrawn or taper away, you may find yourself with a surprisingly high and painful marginal tax rate, so it’s worth understanding your situation.
- Preventing guilt by association From 30 September, the new Criminal Finances Act 2017 comes into force which means some businesses providing advice to clients could be found guilty of facilitating tax evasion by others.
As we wait for the next stage of 2017’s developments, there’s food for thought to chew over in the newsletter. Let us know if you’d like more detail on any of these topics – we’d love to hear from you.