Forthcoming changes from 6 April 2016 – think about them now!
In his attempts to reduce the UK debt mountain, George Osborne has made inroads into a multitude of basic tax reliefs. Many significant changes are due to be made from 6 April 2016.
NEWS
TAGGED: 6 April 2016 Changes
Limited company owners – forthcoming changes from 6 April 2016
At present, shareholder directors of small companies have enjoyed the use of a perfectly legal strategy that minimises National Insurance costs by paying themselves a reduced salary and the balance of their remuneration as dividends.
Higher rate taxpayers – forthcoming changes from 6 April 2016
A major loss of tax relief for this group is the remorseless reduction in the amount of tax relief that can be claimed for pension contributions.
Private landlords – forthcoming changes from 6 April 2016
Landlords of furnished, residential property will likely see an increase in their tax payments when the present 10% wear and tear allowance is replaced by a more restrictive replacement cost relief from April 2016.
National Living Wage
From April 2016, all workers aged 25 or over must be paid the new National Living Wage of £7.20 per hour.
