This time last year we wrote: “Whilst most of us bask in the hottest summer for over half a century, the government is busy running consultations and trying to prepare for what Brexit will eventually mean.”
Strangely enough it seems nothing much has really changed. The weather is hotter and in place of consultations we now have a new government (to all intents and purposes) busy making plans, but the uncertainty remains.
That uncertainty has meant little new development aside from existing Budget and other legislative changes coming into force over the last few months. The major change affecting businesses was the launch of Making Tax Digital for VAT in April. In the latest review of our Key Guides we pick up on the most recent detail and guidance from HMRC around recording supplier statements and invoices as this major change beds in.
We also look at the long awaited second report from the Office of Tax Simplification (OTS) on reform of inheritance tax (IHT). The statistics alone on the mechanics of IHT highlight one of the major problems with this ‘most hated’ tax: of the over half a million deaths a year, just under 50% of estates have to file IHT returns, but only 5% of estates end up paying any tax. Some of the key recommendations for change are summarised in our guide ‘You and yours – estate planning’.
Our guides on working through personal service companies, buying and selling a business and investing tax-efficiently have also had minor amends.
With a new government still taking shape, we are likely to see a step-change in activity. There could be an emergency Budget in the autumn prior to the Brexit date. This may be the calm before the storm, so it’s worth taking the opportunity to focus on the nuts and bolts of your personal and business tax planning.
If any questions arise from any of our Key Guides, please get in touch.