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The good, the bad and the ugly (of the autumn statement)

Accounting, CGT, Law, National Insurance, Payroll, Personal Tax, Property l

goodThe dust has settled on the autumn statement, and it is now clear on the good, the bad and the ugly effecting SME’s, employers and self-employed.

 

The Good!

National Insurance employment allowance increased to £3,000 from April 2016

Extension of the doubling of small business relief rates to April 2017 (good news – make sure you have this if you operate from an office)

The Bad!

3% additional stamp duty land tax will be charged on second homes or investment properties purchased from April 2016, which in added to the reduced relief for interest previously announced from April 2017 is a double hit for active investors

3% differential on Benefit in Kind for diesel cars retained from April 2016 for 5 more years

The Ugly!

Capital gains tax due to be paid within 30 days of completion of any disposal of residential property from April 2019. This ties in with the introduction of digital tax accounts for most taxpayers.

If you have any queries or concerns arising from the autumn statement, contact our team at Morrell Middleton on 01904 691141.

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