Budget 2016!

No sooner had we digested the announcements in the 2015 Autumn Statement when the Chancellor announced the date of the 2016 Budget! He will publish his next Budget on 16 March 2016.

The Government have already announced that they are reviewing the tax relief on pension plans and salary sacrifice schemes so we expect that these will make the headlines in March. However, we would not be surprised to see further announcements affecting owner managed businesses as the Chancellor looks to reduce the deficit further.

In the meantime, there is a limited window of opportunity to take advantage of the various tax reliefs currently available and we would encourage all clients and contacts to discuss these matters with us.

It is also an opportune moment to remind you that significant changes were made to the taxation of dividends in the previous Budget (http://www.cliveowen.com/tax/news/it%E2%80%99s-allowance-not-we-know-it), the effect of which will not be felt until post April 2016. However there still remains an opportunity to lessen the effect of these changes before the end of the tax year and we would recommend that you seek our advice.

If you wish to speak to one of our tax team about your tax position, then for Darlington call Alan Moore or Lee Watson (01325 349700), for Durham call Nicola Bellerby or Lee Watson (0191 384 2244) and for York call Alan Moore or Graham Richardson (01904 784400).