Read the Winter 2017 edition of our quarterly newsletter

10th November 2017

Winds of change?

While the UK just caught the tail end of the hurricanes that have devastated so much of the Caribbean and southern US, we’ve been buffeted by political and economic waves around the Brexit negotiations and contradictory predictions on the outcome. Much of the jockeying has centred around the role of the Chancellor, who has the unenviable task of delivering his Autumn Budget against a backdrop of turmoil and disagreement. When he sets out the government’s tax and spend agenda for 2018/19 on 22 November, there will be more than usual resting on it.

As rumours swirl around whether the Mr Hammond’s Budget speech will include measures to help young people in the housing market, our feature this edition is Are you getting it right on rent?. Up to 2 million people act as landlords, renting out property in a variety of situations. Not all of them realise the tax responsibilities that come with that position, however, and HMRC has been looking into some common errors and misunderstandings.

Our other stories include:

• Keeping up with employment changes The September Finance Bill includes new rules around termination payments, plus backdated confirmation of the cut to the money purchase annual allowance.
• Wherever you lay your hat? New domicile changes Some non-doms may be classed as deemed domiciled across all taxes without realising their status had been changed from April 2017 in legislation contained in the second, September Finance Bill.
• Planning for the dividend allowance cut Also reappearing in the second Finance Bill is the cut to the dividend allowance from £5,000 to £2,000 scheduled for April 2018. Director/shareholders are likely to be affected.
• Making Tax Digital moves again The government appears to have listened to concerns around the implementation of Making Tax Digital and extended the timetable.

We hope you enjoy reading our PDF newsletter. If you would like to have more information about any of the articles in the newsletter and their possible impact on you, please let us know.

Thompson Jenner LLP Winter 2017 quarterly newsletter