Tax Tips and More – Winter 2017/18 Edition

Keep up-to-date with the latest business news in our winter newsletter. 2017 was a great year for us as a firm and it appears for businesses as a whole. The number of businesses in the UK grew to 2.67million (as of March 2017 - Office for National Statistics). The Chancellor also gave relief to small businesses at the Budget 2017, where he announced a reduction in business rate rises and confirmed that the VAT threshold would not be lowered, and instead stay at £85,000. Whilst short on big announcements, the Chancellor’s Autumn Budget did include a fair few small changes, such as those mentioned above. We have highlighted further key points you should be aware of in our Special Feature on page 4. In this edition we also bring advice for landlords and property developers. As most buy-to-let landlords are aware there have been many changes in how their income will be taxed, most significantly with the phased restriction in relief for mortgage interest. This means that by 2020/21 relief will be restricted to a basic tax reduction only. See pages 6 and 7 for further information and advice. We pride ourselves on bringing the latest business news and always welcome contributions. If you would like to contribute to our next edition, please get in touch.