Current and future choices
Your financial life is not predestined; you have choices to make which will determine how much money you have to spend now, and after you retire. Having a choice makes the decision complex, but we are here to help you assess your financial options, and guide you should the facts change.
The Government is constantly changing the tax rules and regulations. In this newsletter, we have set out the major tax changes which are due to impact individuals and businesses in the next few months.
If you are a UK resident who was born abroad, and are ‘non-domiciled’ for UK tax purposes, there are particular changes to the tax rules from 6 April 2017 that will affect your tax status in the UK and the taxation of your worldwide wealth. We have not covered those complex issues in this newsletter, but if you are non-domiciled we should talk about your options without delay.
Over the next few years there will be a fundamental shift in the tax system towards online and more frequent communications with HMRC, known as ‘making tax digital’. This will require most businesses and landlords to submit accounts data (income and expenses) to HMRC electronically every quarter. Charities and the very smallest businesses will be exempt, but we don’t know exactly where that exemption threshold will be set.
It is clear that most unincorporated businesses will have to start sending quarterly accounting reports to HMRC from April 2018. VAT information will have to be submitted from April 2019, and companies will have to submit accounts data quarterly from April 2020. We should discuss how you can prepare your business for this change.