Streets Chartered Accountants considers potential tax and pension changes in the Autumn Budget and more in its latest monthly news roundup.
Five key areas of possible changes to Pensions in the Autumn Budget
Little has been said by Labour on what the budget will contain. We are led to believe there will be change and upheaval, barring a significant leak we won’t know though until 30th October. There are plenty of rumours around pensions and in the King’s speech, a commitment to a “pensions review”. What this means in the longer term, time will tell although there are five key areas which may be looked at within this review and as part of the budget in October. Read More.
Changes to Tips & Service Charge Rules
As of 1st October 2024, new legislation will change the way businesses manage tips. Here’s what you need to know to ensure compliance and avoid penalties. The new law mandates that all qualifying tips – whether received via cash or card – must be fairly distributed to staff. You can no longer withhold tips and the allocation must follow clear, objective criteria. The government has issued a statutory code of practice to guide this process. Read More.
Pre-Budget Personal Tax Update – the times they are a changing
The October budget is right around the corner. It could bring major changes to a whole range of estate planning taxes, especially Inheritance Tax (IHT) and Capital Gains Tax (CGT). Set down are some thoughts, identifying possible changes that might be on the way and how they might impact on your personal wealth and the financial well-being of your family. If you’re serious about protecting your wealth, it’s time to brace yourself. Read More.
Income Tax Reform
Over the coming years there are some significant changes happening to income tax. Whilst these may not appear in the headlines, as they are not direct changes to tax rates, thresholds or reliefs, they are nevertheless significant and need to be understood and planned for. In advance of the MTD introduction, another change is already underway. Read More.
Podcast: How might a new government affect your personal financial planning?
In this episode of The Streets Sessions, Streets talk to Sam Tindale, Financial Adviser and Managing Director with Tower House Wealth Management, about how the new Labour government might impact personal financial planning including pensions, investments, IHT planning, paying school fees and more. Listen Now.
Grants spotlight: new grant opportunities – September 2024!
Continuing the success of Streets’ dedicated Innovation Grants Consultancy, headed by Chris Parkhurst, they are excited to share with you some new grant opportunities that are now available. These include Contracts for Innovation, Biomedical Catalyst 2024 and Sustainable Medicines manufacturing innovation. There are also still live opportunities in the Defence sector and more general sectors with Smart grants and Innovation loans. Read More.
Taxes Made Easy
This guide is designed to provide you with an overview of the key tax rules from seven perspectives – that of the family; the employee; the person running their own business; the taxation of investments; disposals and CGT; property matters; and, finally, the potential liability on your estate at death. Please use the guide to help you identify planning opportunities, pitfalls to avoid and areas where you may need to take action and then contact Streets for further advice. Download Now.
Family Company Estate Planning Reviews
Planning for succession is a major concern for many families, particularly in the context of thriving family businesses and farming interests. Identifying the right approach is becoming increasingly essential.
Is it time to consider succession and intergenerational planning for your family business? Could you benefit from a conversation? Download Now.
