Tax planning 2015/16: Are you ready for the new tax year?

  • by Carole Jordan
  • 08 Feb, 2016
Business men and women tax planning 2015/16

April 2016 sees a number of changes to taxes relevant to small business owners and so it is worth taking some time to consider if there is anything you wish to do to ensure you don’t pay more tax than you need to in the new year.

Tax planning 2015/16

The most important change for owners of Limited Companies is the  increase in dividend taxation effective from 5th April this year .

Sole Traders and Partnerships should consider carefully whether incorporation would be beneficial for their future tax status.

For property owners, 2017/18 will see the restriction of tax relief on mortgage interest begin and so action must be taken in good time if you wish to avoid this.

Employers with lower paid employees receiving employee benefits such as cars and health insurance should review the situation well before 5th April 2016.

For everyone, pension contributions have become more attractive as a means to obtain tax relief against income since the pension freedoms allow easier access to the underlying investments than was the case in the past.

And, is Inheritance Tax on your mind? With the increases in property prices more couples are caught by this tax but there are solutions available to ensure you don’t pay more than your fair share.

As always, planning means being ahead of the game so that you don’t get caught out.

Contact us now if any of the above may affect you or if you are planning, or anticipate any changes to your business, especially disposal or purchase of capital assets, restructuring or changes in the nature of your trade.

You can call us on: 01273 882200, or send us an email at info@businessheads.co.uk.

Carole Jordan FCCA

Managing Director, Business and Tax Strategist.

All details above were correct at the time of publishing - for more up to date information please get in touch .

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