The new 2007/08 tax year starts tomorrow. Our website has now been updated to reflect all the changes announced in the 2007 Budget. These include an increase in the small companies’ rate of corporation tax which increases to 20% from 1 April this year. The 2% reduction in income tax does not take effect until the next tax year.
HMRC is now issuing tax return for the year ended 5 April 2007. Please ensure that you have available all the information for this tax return. In particular we will require details of any non business income such as interest from investment accounts, so please retain any statements showing interest and dividends received since 6 April 2007.
Our 2007/08 planning guide has been updated, read this for an overview of important planning opportunities for the current tax year. Sections include: strategies for you and your family; business owners information, leaving your business and achieving a comfortable retirement.
As ever, do please contact us for any advice you require.
Date:5 April 2007
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