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Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful.
MANAGING HIGH PERFORMANCE TEAMS
Steve Jobs was quoted as saying “It doesn’t make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.” Once you have hired a bunch of really smart people, you need to manage them effectively.
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“BUILDING A BRITAIN FIT FOR THE FUTURE”
This was the main theme of the Chancellor Phillip Hammond’s second budget as he committed to spending more on infrastructure projects and stimulating the housing market. He had to put on a good performance to keep his job after criticism following the Spring Budget. His jokes were better this time but there was very little good news on the tax front and some worrying economic figures, particularly the growth forecasts. A stamp duty holiday for first-time homebuyers was hotly tipped prior to the Budget but nevertheless it was still a surprise that the duty for such buyers was abolished for purchases up to £300,000.
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The marriage allowance was introduced in 2015, to reward marriage via the tax system. It is actually 10% of the taxpayer’s personal allowance which is transferred from the spouse who isn’t using it to their partner who is taxed at no more than the basic rate. It is only available to couples who are married or in a civil partnership.
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F(No.2) A 2017 received Royal Assent on 16 November 2017. Section 8 of that Act reduces the dividend allowance from £5,000 to £2,000 from 6 April 2018. This will affect the amount of tax payable by your shareholder/ director clients for 2018/19.
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Welcome to our monthly newswire. In this edition we will focus on the Chancellor’s Autumn Budget announcements. Please contact us if you wish to discuss any matters in this newsletter.
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For years thousands of taxpayers took income in the form of loans from their employer, or through a less direct route such as an employee benefit trust (EBT). Many of those individuals did not understand the full implications of being taxed on the benefit of a loan, and were told the tax saving was totally legal.
