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What does the Chancellor's Budget mean for consumer businesses?

30 October 2018

Fiscal Phil has announced the Government’s last Budget before Brexit, assuming it happens, but what does it mean for the Consumer Markets sector?

Lenders and directors at risk from insolvency changes

30 October 2018

Find out how lenders and directors could be at risk from insolvency changes in this year’s Budget Announcement. For information or advice click here.

Improving corporate reporting
Danielle Stewart OBE

30 October 2018

Companies reporting under IFRS and about to embark on the 2018/19 reporting season, should pay heed to the issues highlighted by the Financial Reporting Council (FRC) in its open letter to Finance Directors and Audit Committee Chairs.

Insight4dudley
Matthew Humphrey

29 October 2018

RSM has implemented Insight4GRC to Dudley Building Society .

Overview of corporate tax changes

29 October 2018

This was a budget aimed at encouraging investment for the long term through tax measures for trading businesses investing in plant, equipment and trading premises. As expected, there will be targeted measures aimed at companies that generate value through user interaction – known as the ‘digital services tax’. These have been directed at very large businesses and was an expected measure. Great care will however be needed to ensure the legislation is fit for purpose.

Private client overview

29 October 2018

Whilst there were rumours of tax rises for individual taxpayers, none of the expected increases took place. Pension tax relief remained, inheritance tax was unchanged and the main rate of capital gains tax didn’t increase. Instead, the personal allowance surprisingly increased to the promised £12,500 and the basic rate band was widened, both a year earlier. Some changes have been made to Entrepreneurs’ Relief, but the lifetime allowance and the ten per cent tax rate remains.

No IPT rate rise

29 October 2018

No IPT rate rise this Budget but does it really mean insurance premiums won’t go up? Justine McInnes talks about the common misconception that IPT is passed on to the insured and explains who really bears the cost of this poorly understood tax.

Property sector could be hit by hidden tax changes

29 October 2018

A number of changes in the budget will impact on the property sector. The restriction on the use of brought forward capital losses against gains could increase tax exposure on disposals by companies. Extending the holding period for entrepreneurs’ relief to two years will impact on some individuals disposing of their trading companies. A number of capital allowance changes were announced which will impact on property investors.

Budget 2018 - overview of the announcements

29 October 2018

Whilst there were a couple of references to Brexit, what the Chancellor didn’t say was that all of the numbers we heard were based on the implementation of the Checkers plan. The three primary areas for businesses were the reduction in the corporation tax rate, the increase in the annual investment allowance and the mention of a digital services tax. On the personal tax side there was some tweaking to the entrepreneurs’ relief, plus the threshold for the personal allowances and higher rate band have come in a year early.

Employment tax overview

29 October 2018

The Government has announced reforms to the off-payroll working rules (otherwise known as IR35) in the private sector. From 6 April 2020 medium and large businesses will need to decide whether the off-payroll working rules apply. Where they do, the business, agency, or third-party paying the worker’s intermediary will need to deduct income tax and employee’s NIC, as well as paying employer’s NIC and where applicable the Apprenticeship Levy.

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