Tax Changes – Autumn Statement

Posted by / November 29, 2015 -

Park Lane Accountants Summary of key changes affecting our clients

  • 3% added Stamp Duty Land Tax to second homes including Buy To Let with a starting threshold of £40k from April 2016.
  • Apprenticeship levy to be introduced in 2016 to raise £3bn from businesses.
  • From 2019 Capital Gains Tax on the disposal of residential property will be payable 30 days following disposal of the property instead of 31st January in the year following the tax year that the transaction takes place.

Our View

The above are just a few tax changes that may affect the individuals and businesses we service.  Overall the Autumn statement could have been worse as there actually wasn’t that much change for small owner managed businesses.  However the small print promises an ominous consultation to changes in the rules for company distributions following the introduction of the unwelcome 7.5% surcharge on most dividends from April  next year.

Its really is starting to look as if the government has small landlords and small owner managed businesses firmly in its sights!

So if you are going to buy a property to rent out then you had better get on with it as not doubt this could cause a spike in demand in the market as landlords rush to complete before April 16.

We also think that Mr Osborne has a bee in his bonnet about small consultancies. The restrictions on tax relief on travel and subsistence from April 16 for personal service companies is a blow. It now looks as if the restriction will only apply to personal service companies that would have been caught by the IR35 legislation.

It really doesn’t feel as if this government is pro small business at the moment does it ? Maybe they are pro big business but not small business.


If you want to talk to an accountant who understands the challenge of starting and running a small business call us now on 01249 247160.

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