What was your most interesting part of yesterday’s budget? For us at TI Accountancy it was the focus George Osbourne gave to the next generation.
The Lifetime ISA is intended to encourage those aged 18 to 40 to save for starter homes or for their retirement by adding a cash bonus from the Treasury to savings, whilst the extra revenue raised from the sugary drinks levy will go in England to support Sports and Arts in schools, Scotland, Wales and Northern Ireland have yet to decide what they will do with their share of the levy.
For small businesses there is the abolition of Class 2 National Insurance contributions from April 2018 and the business rate relief threshold increases from April 2017.
Although the headline 100% relief in small business rates for properties with a rateable value of £12,000 or less may initially appear to be a bonus for the small business, we offer a word of caution, both the extension to the exempt rateable value and the revaluation of the rateable value of all businesses starts in April 2017!
At TI Accountancy we are always looking for ways to help you to save tax and if you are in receipt of dividends, either from your company or from a share portfolio then the new dividend tax will be of special interest to you. Why not ask us to review your tax position on the dividends you receive and see if we can help you to save tax?
If you would like your own personal copy to keep and refer to, just fill in your details and we’ll send one out via email, and if you spot anything which appears relevant to your circumstances and which you would like to chat through, then why not get in touch with the team at TI Accountancy on 01229 813388.
Likewise if you are already a client of TI Accountancy, as we revisit the Chancellors statement over the next few days, if we spot anything which we feel you would like to hear about, as it could benefit to you or your family we will contact you to see if it is something you wish to pursue.