3 January 2017
May I firstly wish you all a Happy New Year, although, working in tax we have several months yet before the new tax year starts on 6 April.
With what proved to be a very turbulent 2016 now behind us, it is an important time to make or refresh your plans for the future year ahead and beyond because, as with most things nowadays, there will likely be a tax consequence so early planning is essential.
Nobody knows what 2017 will hold for us but with Brexit looming, a President Trump and some fundamental tax related changes on the horizon closer to home, it is sure to be another rollercoaster year and we will aim to keep you informed along the way.
Some key tax changes from April 2017, including some we have blogged on previously, are:
- Changes to Inheritance Tax and Family Homes
- Restriction of interest relief for Buy to Let property
- Taxation of Non Domiciles
- New Vehicle Excise Duty Rates for cars registered after 1 April 2017
And not forgetting the, as yet, uncertain future of the paper tax return itself, in the form of Making Tax Digital - so watch this space and keep an eye on our Tax Blogs, website and other publications as the year progresses.
Finally, three simple resolutions for you for the New Year:
- Complete your personal tax return by 31 January 2017, or at least give your accountant the information to do this – we like weekends in January too!
- Look ahead not backwards – we survived 2016 and, whilst 2017 holds just as much an unknown, new opportunities will counter the challenges that lie ahead
- Please talk to your advisers – we want to help you prosper and protect what you already have and with good honest bread and butter tax planning we can help you to keep hold of a larger slice of the cake
If you have any queries in relation to the above, please do not hesitate to contact your local UHY tax expert. Alternatively, to read more of our tax blogs please click here.
