Local businesses from all over the South have been given an insight into the impact of changes announced in the final pre-Brexit Budget at a free seminar held by Rothmans, one of the largest chartered accountancy firms in the region.
The guest speaker for the event was tax expert, Giles Mooney, who is renowned on the speaking circuit for being both entertaining and highly informative. The packed audience of delegates was also given the opportunity to ask questions and network following the presentation.
Budget in Brief
Major points for businesses to consider included the complications that could be caused by the changes to ‘salary sacrifice’ taxation and the definition of off-payroll workers. Giles put forward many different scenarios, showing how these changes could affect business decisions and helping delegates understand how to avoid being penalised.
A new system for late Tax Returns is also coming into force. This will formalise the penalties companies face by using a point system not dissimilar to that of the DVLA.
Noteworthy for businesses is the extension of tax relief now available for companies installing charge points for electric cars, a point to remember if undertaking any building renovations in the near future.
Referring to the revision of the Annual Investment Allowance, Giles said that while this appeared initially to be a huge increase, it would actually positively affect only around 3% of businesses.
Finally, there is good news for charities, with the maximum ‘small’ donation being increased from £20 to £30 to match the limit of a contactless transaction on most debit and credit cards.
Top tax-saving tips for Christmas
Following Giles’ presentation, Julian Sims, Rothmans Partner and Tax expert offered top tax-saving tips for the lead-up to Christmas which involved helpful guidance regarding staff parties, entertaining and gifts. Guests were then given the chance to ask any detailed questions they had on a one-on-one basis.
Rothmans Senior Partner, Martin Osborne, who hosted the event said, “We were delighted that so many of the South’s businesses attended this informative seminar. As with all our seminars, this was an opportunity to gain invaluable insight from engaging, expert speakers. I feel confident that our guests left with a deeper understanding of what this budget’s proposals mean for UK businesses, as well as being thoroughly entertained!”