What should you be thinking of doing as we approach the next budget?

A Thought from Our Managing Director   Most of us agree that taxes will need to go up if the Country’s finances are to be put back in order.  The Chancellor has helped traders again by stating if you can’t pay your tax bills by 31^st January 2021, you can extend payment by twelve months BUT you must contact HMRC time to pay https://www.gov.uk/difficulties-paying-hmrc and you must do this before 31^st January 2021.   This will obviously put even more pressure on the Government.  One area  you should consider where taxes could be increased is capital gains tax on second properties.  He didn’t give much help to directors of companies where they take dividends, even though they paid corporation tax.   My opinion would therefore the possibility of putting up tax rates on dividends.  There is now a short window of opportunity where some tax could be saved if an exchange of contracts is undertaken for second properties or more dividends are taken before 5^th April 2021.  Both of these areas may have other complications and you need to work through the calculations,  this is where we could help you.   Written by Mark Rose