Autumn Statement Summary: November 2016
Autumn Statement Summary: November 2016
What we do know is that the government continues to target abusive tax avoidance.

By Simon Vincent, Senior Accountant at Hive Business.

No doubt you won’t have missed the fact that the new government delivered its first (and ‘last’) post-Brexit Autumn Statement on Wednesday.

Amongst the doom and gloom of the revised outlook for the economy, it did at least look as though Phil was less prone to tinkering with tax law than his recent predecessors, however as is usual, the Statement is just that and as such none of the underlying legislation has yet been made available. So there are headlines, but not much more.

What we do know is that the government continues to target abusive tax avoidance. From those “one man band” businesses who take advantage of the VAT Flat Rate Scheme to multi-nationals shifting their profits to zero-tax nations, it seems nobody is safe from efforts to ensure everybody is paying more tax.

Hive doesn’t like to get caught up in rhetoric – draft documentation is to be released on the 5th December when we will know more on some of the changes that are to be implemented, and who they may impact.

We will update you once more information has been released but if you would like to discuss your potential tax savings with us call 01872 300232 or email us at [email protected].

The information contained in this article is based on the opinion of Hive Business and does not constitute formal tax advice. Any tax outcomes will be based on individual circumstances, tax legislation and regulation, which are subject to change in the future. You should seek specific advice before embarking on any course of action. Hive Business does not provide regulated Financial Advice, including advice on investment, insurance or lending products or their suitability for you. This article is provided for information only and does not constitute, and should not be interpreted as, investment advice or a recommendation to buy, sell or otherwise transact, or not transact, in any investment including Bitcoin and other crypto. Any use you wish to make of any information contained within this article is, therefore, entirely at your own risk.

By Simon Vincent Senior Tax Accountant
If you have any questions or comments about this article, please get in touch.
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