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].