Managing tax changes
No doubt we were all searching our consciences and our principles when we decided how to vote on Thursday.
The outcome is of course – as with any election – more uncertain than the pollsters would have us believe.
The one thing that is not in any doubt, however, is that whoever comes in will make significant tax changes, and it is important that you take advice to see how these changes affect you.
Are we going to end up with a different capital tax regime?
Will the lock on income tax and corporation tax be refuted?
Will there be encouragement for business capital spending with additional capital allowances?
Are we all going to have to start spending hard for National Insurance?
Where will we be with Making Tax Digital and when?
There has not been much detail to go on in the parties’ manifestos so whatever happens you are going to need to think about planning and will need your accountant and tax adviser more than ever!
Having decided to who to vote for, maybe you should also consider how soon after the 8 June you take that advice?
Patricia J Arnold & Co Ltd
West Orchard House
Hexham NE46 2DE
Tel: 01434 606624