Our ever-changing world of political leaders and tax policies …
It’s been an eventful year in British politics!
Our Prime Minister faces multiple economic challenges in their term of office, from artificial intelligence to climate change and an ageing demographic. It is not just about settling the paralysis of Brexit, changes to tax policies are inevitable to keep promises made.
Budget predictions are rarely correct but we do know that Inheritance Tax is likely to be reformed, the tapered annual allowance for pension savers may change and Corporation Tax is unlikely to fall. The 2020 Spring Statement is bound to be more of a budget than it has been under Philip Hammond’s watch but will pending changes to our legislation such as the ‘off-payroll working’ expected to be rolled out to the private sector in April 2020 really happen?
In all of this uncertainty, it’s still business as usual. Making Tax Digital is underway for VAT Registered businesses, Tax Returns still need filing for individuals and companies and, after 6 April 2020, Capital Gains Tax due on residential property disposals will need settling within 30 days of completion. Business owners still want to initiate succession planning and individuals are always looking to maximise their wealth by managing their tax liabilities.
Difficult economic times make planning harder but more necessary than ever. Set out what you want to achieve and never let tax take control of your commercial decision making. Life goes on and budget announcements generally don’t happen overnight. Whenever the next budget might be, rest assured that here at CKLG, we’ll have our fingers on the pulse.
As new tax policies evolve from details buried in the paperwork, call CKLG on 01223 810100 to discuss how Budget 2020 may affect you.