Budget stuff, Business Services, Business Tax, Compliance, Entrepreneur's Relief, HMRC, Personal tax, Small Business, Tax Planning, Tax Relief, Taxation

Policy u-turns go full circle – 13 tax changes for 2017 are abandoned!

By RJP LLP

Policy u-turns go full circle – 13 tax changes for 2017 are abandoned!

Just this month, we’ve published two separate articles about recent government U-turns regarding important tax policy. Firstly there was the proposed NIC rate rise? Wrong word? for the self-employed, shortly followed by the U-turn on probate fees.

Things have progressed even further since then and we have now gone way beyond a simple policy U-turn to see full circle abandonment of 13 proposed new tax laws, many of which had been announced as far back as last year. As a result of calling an early general election and the dissolution of parliament, all the proposed policies that were remotely contentious have been scrapped for the time being, until further notice. If the Tories win the forthcoming election we may well see them back on the negotiating table, but if they don’t win, who knows what will be in store?

Below are details of all the tax policies that were due to receive Royal Assent this week when Finance Act 2017 is approved on 28^th April. Where we have written in detail about the original policy proposed, we have included a link to the article so you are able to cross reference against what was intended, and what may subsequently come into effect at a future date. There were some very significant changes proposed for business owners particularly. Whoever said that being an accountant was dull!

Over the coming weeks, we will be monitoring the news carefully and reporting on any additional policy changes as they emerge. Watch out for developments on Twitter via @taxtalkrjp, Linked In and via our Insights blog.

In detail: New tax policies excluded from Finance Act 2017

Making Tax Digital: digital reporting and record keeping for income tax and VAT

Changes to taxation of employee termination payments

Relaxation to substantial shareholding exemption rules

Other tax policies abandoned in the short term

Removal of reduced dividend tax rate for 2018/19 – this was a reduction to the shareholder dividend allowance from £5,000 to £2,000;
Deemed domicile for all taxes for non-doms;
£1000 tax free allowances for property and sundry income;
£500 tax free pensions advice;
Reduction in money purchase annual allowance (capital allowances) from £10,000 to £4,000;
Power to tax capital gains made from UK land as income tax not CGT;
Changes to EIS, SEIS, SITR and VCT schemes;
Restrictions on the use of corporation tax losses;
Tax relief for cost of Museum exhibitions;
VAT in relation to goods stored in UK warehouses.

Learn more: For further background to what was proposed in some of these policies, read our original overview for Businesszone.

How to get onboard with RJP

Talk to us

Have an initial discussion with a member of the RJP team to identify ways we can enhance your business's growth with our comprehensive support and strategic advice.

Hassle-free migration

Choose RJP and we'll smoothly manage all transitions, handling paperwork, coordinating with your current accountant, and ensuring no deadlines are missed for a worry-free experience.

A pathway to growth

Finally, we will send you the required documents to sign and return, leaving you to continue leading your business, backed by our abundant, responsive advice and support.

2024 Budget in depth – Key changes to capital gains tax

Business Services, Business Tax, Personal Taxation

Budget 2024 In depth – Inheritance tax changes

Business Services, Business Tax, Personal tax

Budget 2024 – What are the new tax rules for non-doms?

Personal tax, Probate and Inheritance Tax

Here’s what our clients have to say

Hear directly from our clients about how RJP's personal, straightforward approach has made all the difference in their business and personal success.

"I just wanted to drop you a short note to say how grateful I am for the support that RJP has provided over the past 4 weeks while our Financial Controller was away. I struggle to comprehend how much work your staff get through during their weekly visits and they are always a pleasure to have around the office."

"I wanted to write and express our gratitude for your help and hard work in getting Probate through and settling all the taxes. I am so pleased that we selected RJP, as your professional help and updates throughout this process have been invaluable. If at any time in the future Probate assessment may be needed, you will be our first port of call. Once again, many thanks to the whole team."

"I would like to take this opportunity to thank you very much for the amazing job you have done navigating us through this whole process. My family and I also really appreciate the care and compassion demonstrated by you and your team in every dealing. Our thanks to everyone."

"Just a quick e-mail from me to thank you for achieving the target for producing the draft accounts – it is very much appreciated and gives a first class impression of your firm. Many thanks."

"RJP provide our company with a complete service which takes the stress and strain away from the day to day running of our accounts! Their understanding of our business and their patience and advice is invaluable."

Get the latest tax tips to your inbox every month

FAQs

At RJP, we understand that keeping a finger on the pulse of your business's health is crucial. That's why we offer management reporting services—think of them as a regular health check for your company. These insights show you the real-time performance of your business, helping you make informed decisions to nurture and grow your enterprise.

We love seeing your business flourish! Growth and improvement are at the heart of our practical advice. From the ins and outs of everyday operations to big-picture strategic moves, we're here to offer clear, actionable steps that can propel your business forward.

We know dealing with the issue of compliance and auditing can be less than thrilling. That's exactly why we're here—to handle the complex stuff so you don't have to. We offer comprehensive compliance services, ensuring everything is up-to-date without you having to wade through a sea of regulations.

Absolutely! There's a world of opportunity out there to support your business financially, and we're well-equipped to be your guide. We can help you understand and access HMRC’s tax relief schemes that are relevant to you and your business, making sure you're not missing out on any potential benefits.

When you need us, we're just a call or an email away—no question is too small or too large. We're known for our quick responses and our fixed fees mean you can reach out without worrying about unexpected costs. Plus, we always keep things simple and straight to the point. We're not just your accountants; we're part of your team, ready to support both your business and personal needs.