So far the weather has remained typically British – blowing hot and cold, pleasing some and disappointing others.
Same can be said of the July Emergency Budget – a smorgasbord of changes and not to everyone’s taste.
Individuals living off dividends are set to feel the heat with big increases in their tax liability. It makes sense to examine business structures and consider accelerating dividend payments this year – we have specialists who can help unravel all that’s necessary.
A sweet summer pudding was served up for the average tax payer with the personal allowance rising to £11,000 – and the higher rate threshold boosted to £43,000. Corporation tax is also on a downward slide and fuel duty will remain frozen.
But there’s a sting in the tail for businesses looking to plough back into plant and machinery. The annual investment allowance limit, currently at £500,000, is to fall to £200,000 – so a good idea to increase capital expenditure and buy what you need before 31st December 2015. Again we have specialists at Barringtons who can advise.
Meanwhile the summer has delivered us a Royal baby – a second child for Prince William and Kate. With child tax credits set to be limited to two children, they may well consider carefully before planning a third!