With the financial year end fast approaching, it is important that you and your business have everything in order.
P. G. Fry & Company, based in Bisley, near Woking, has an experienced team on hand, who can provide everything you need to ensure that your company accounts are up to scratch. There are some important new changes in policy coming up this year:
New dividend threshold
From the start of the new tax year in April, there is a reduction in the band where dividends incur a 0% tax charge, down to just £2,000. More information can be found here. This could make a significant difference to your remuneration in future, so make sure you have planned ahead accordingly.
Landlord tax relief for finance costs reduced
Also coming in from April, a continuation in the reduction of tax relief available for the financing costs of individual landlords. The higher rate relief available will fall from 75% to 50%. Ultimately, landlords will only be able to claim basic rate tax relief on finance costs incurred; this process is set to be completed at the start of the 2020-21 tax year.
P. G. Fry & Company can give advice on how best to structure accordingly – if you are concerned by any of these changes, or others, please don’t hesitate to get in touch – we can certainly help.