Brexit has certainly dominated the headlines over the last few weeks. I deliberately held off writing about it until the dust as settled so I can deal with a few topics of conversation that have been bubbling around with clients over the last few weeks.
There is much to talk about in this post so hopefully the breakdown will make things more simple.
- We now know that there will be no emergency budget – the next budget will be the regular ‘Autumn Statement’ on 25 November 2016
- Its becoming increasingly safe to say that retrospective changes to 2016/17 taxation already in place are looking less likely – but never say never so assume it’s ‘business as usual’ until we hear otherwise
- I think its fair to say a ‘new broom is likely to sweep clean’, so depending on how the economy is performing we might see further changes to business taxation to stimulate growth – if you recall last time, the key weapon against recession was the ‘Annual Investment Allowance’ and the reduction in the rate of Corporation Tax
- VAT will continue as normal until we exit the EU. Despite having the reputation as being an EU based tax, it’s a huge revenue earner for the Treasury and we’re unlikely to see huge ‘give aways’ in this area – many non EU countries have ‘Goods and Services tax (GST)’ which is at similar rates to the UK
So for the time being it really is business as usual but I’m sure we will see some changes filtering through later this year.
As always, any questions or concerns to new or existing clients, please contact me and I'll always do my best to answer and help you with your enquiries.