The taxation of cash extraction from companies in some of its typical forms is changing significantly as of 6 April 2016. With only two months to go it is prudent to seriously consider the impact of these changes and whether you would like to take action in the short period of time before the end of the tax year.
As the character, Max Skinner, states in one of my favourite films (A Good Year) “The secret to riches is the same as the secret to comedy – timing”. This is also true of the availability of the capital allowances ‘Annual Investment Allowance’ for accounting periods straddling 1 January 2016.
It has been well documented that George Osbourne has recently announced some significant changes to the taxation of landlords. In this blog I provide further information on the changes and explain they might impact on landlords.
Whilst 9 December 2015 represented the date that reams of new draft legislation were published relating to new tax legislation, a fundamental proposed change that slipped under the radar for many on this day was the consultation document released by HM Revenue & Customs (HMRC) on proposed changes to the taxation of company distributions.