There is a definite a hint of Spring in the air in Lancashire this week. A great time to bring you our Spring 2018 Financial Update newsletter. In this edition we look at the key developments from the Autumn Budget. We also explore some key employment issues that come as a result of recent cases and high-profile news stories. Employers, unless they are properly informed and prepared, could be exposed to large risks.
Our feature this edition is Company car costs to increase with new emissions charges. Benefit-in-kind taxes were paid on 960,000 company cars in 2015/16, which means lots of companies will be affected. The changes also show the government’s efforts to encourage companies to reduce their carbon footprint.
Our other stories include:
· Indexation changes hit corporate capital gains The Budget introduced a freeze on indexation relief affecting corporate capital gains from January 2018, which means larger tax bills for incorporated landlords looking to sell property.
· Making bullying and harassment a thing of the past After countless very high-profile allegations it is clear this issue needs to be properly addressed, so have you got robust policies and procedures in place?
· VAT registration thresholds frozen from April 2018 Ahead of a major consultation on the VAT rules, the government is freezing registration thresholds for two years.
· More holiday rights for self-employed workers More developments from the ‘gig economy’ are seeing rights to paid annual leave guaranteed for all workers.
We hope our newsletter is useful, and we look forward to bringing you our next update in the new tax year. Please do get in touch if you think you may be affected by any of the topics in this edition. You can call us on 0161 767 1200.