We've already had two Finance Bills this year and we're now being promised a third; these, together with new tax cases mean yet another huge raft of tax changes that will affect everyone from multinational groups to individuals.
For SME owner-managers, these changes create significant uncertainty as often these types of business don't have in-house tax teams to help them keep up to date. And keeping up to date is essential if business decisions are to be based on all possible variables - including tax.
Having regular conversations with tax advisers who specialise in advising SME's can take this headache away; an exploratory conversation about possible future plans can identify potential tax problems - and benefits - and find ways of ensuring that business opportunities can be maximised in the most tax efficient way.
HM Treasury and HMRC have published draft legislation to be included in the third 2017 Finance Bill (Finance Bill 2017–18) for consultation. Each of the measures announced, as listed below, is accompanied by a tax information and impact note (which sets out what the legislation seeks to achieve, why the Government is undertaking the change and a summary of the expected impacts); the draft legislation itself and an explanatory note which provides a more detailed guide to the legislation. •Bank levy: changes to scope and administration; •Tackling disguised remuneration – avoidance schemes; •Income tax: debt traded on a multilateral trading facility; •Landfill tax: disposals not made at landfill sites; •Offshore trusts: anti-avoidance; •Partnership taxation: proposals to clarify tax treatment; •Pensions tax registration; •Termination payments; The final contents of Finance Bill 2017–18 will be subject to confirmation at Autumn Budget 2017.