As of 6th of April 2016, the way that dividends are taxed has changed. This article will attempt to explain the changes, and how it could affect you. The older system of dividend tax credits will no longer be used for the remainder of the 2016/17 tax year (which runs 6th April to 5th April the following year). Instead, after including a £5,000 ‘dividend tax allowance’, dividends will now be taxed at 7.5%, 32.5%, and 38.1% (basic, higher and additional bands). As a result of these changes, almost all company owners will end up paying more tax.
Published: 26 August 2016 | Category: News
HMRC’s plans to cut the cost of its personal tax services by 34% over the next 5 years could lead to a drop in customer service quality, according to the Public Accounts Committee. It is feared that the decision to move the tax system online could cause a major drop in standards.
As the dust settles after the EU referendum, many small business owners are worried what the Brexit vote will mean for them. While SMEs across the country sat on either side of the fence, the outcome for them all will be the same. Will Brexit have a positive or negative impact on small businesses in the UK? While we cannot predict the future, there are some tell-tale signs that can give us an indication of what might happen.