As the holiday season draws to a close, and as parents look forward to the start of a new school year, what are likely to be the issues that practitioners will need to focus on in the coming months?
Obviously, we are now half-way through the electronic filing window for SA returns 2015-16; time to get back to the innumerable follow ups to chase missing information…
Perhaps we could also start to think about interim reviews? Many of our corporate clients have December year ends. The end of September is the ideal month to review management accounts, nine months of actuals to consider and project results for the year.
When you see clients with their SA returns for 2016, no doubt you will also be discussing tax planning opportunities for 2016-17?
Avoiding those punitive, marginal rates of income tax for clients, must be an important part of these reviews. There are a number of trigger points:
- when income levels exceed £50,000 (High Income Child Benefit Charge),
- when dividends exceed £5,000 (the new dividend tax rates),
- when taxable income exceeds £100,000 (loss of personal allowance) and
- when income exceeds £150,000 (reduction in relief for pension contributions)
Plenty to think about. And as you roll up the beach mats spare some thought for Philip Hammond and his team as they start to review the finances for UK Plc – all will be revealed in the autumn statement.