It doesn’t take a crystal ball to see the future when it comes to future tax increases. The UK economy has gone through the biggest economic crisis since World War II and the Chancellor has been forced to give away billions of pounds in order to prop up businesses. But all this comes at a cost. What one hand gives away; the other hand will inevitably take back at some point in the future as the Government strives to rebalance the nation’s coffers.
In all likelihood, tax increases for directors will be just one of a raft of measures which we could see in the not too distant future.
We would urge all directors to seek advice now. We can review your remuneration package to ensure it is as tax efficient as possible. This includes both dividend tax planning and personal tax planning to help mitigate your overall tax burden.