Eyes on the Horizon

We have entered the 2018/19 tax year with, for the first time in years, no new tax changes. This new, and much more relaxed, state of affairs was introduced by the Chancellor, who used his Spring Statement to review forecasts and announce consultations.

With the clock ticking on Brexit negotiations, and two full Budgets delivered in 2017, it’s easy to see why Mr Hammond decided to focus on future changes rather than continue to make adjustments. With this in mind our Summer 2018 Financial Newsletter looks ahead to key events such as the impact of Brexit on businesses and what rising pension contributions mean for you.

Finally, and furthest ahead of all, our feature this edition is Don’t put off your inheritance tax planning. Sir Ken Dodd delivered one final punchline to HMRC when he married his long-term partner just before he died, potentially saving nearly £3m in IHT. Few people will be able to reduce their IHT bill as readily as Sir Ken, but there are several ways you can benefit your loved ones with good estate planning, undertaken in time.

Other topics we’re covering include:

• Pension contributions offset tax gains Despite tax changes for 2018/19 reducing the amount paid in tax, the increases to auto-enrolment pension contributions will wipe out the gains.
• Is import VAT coming after Brexit? With less than a year to go before the UK leaves the EU, what will happen to businesses importing goods from the EU?
• Good news and bad news for the EIS and VCTs New risk-to-capital rules are changing the way investments in venture capital work.
• Closing the gap on equal pay With organisations now required to publish their gender pay gap data, how can employers improve the situation?

We will bring you another update in early autumn. Please do get in touch if you think you may be affected by any of the topics raised here. 0161 767 1200,