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Autumn Budget delay provides vital time to plan

7th October 2020

Autumn Budget delay provides vital time to plan

The cancellation of the scheduled Budget this autumn has provided a limited – but crucial – window of opportunity for business owners to plan ahead and maximise benefits of current tax rates.

Given the enormous overall government expenditure incurred during the Covid-19 crisis, it is no secret that there is now enormous pressure on the Treasury to implement tax reforms in an attempt to balance the books.

The Treasury is rumoured to be looking specifically at reforms to capital gains tax, inheritance tax, pensions tax relief and National Insurance for the self-employed, all of which could impact on owner-managed businesses.

Changes were originally expected to be announced in the autumn but the postponement of the Budget means a likely delay until March 2021, creating an extra few months for business owners to plan.

The Business Tax and Wealth Preservation Team at Higgs & Sons has been working closely with a range of clients, accountants, financial - and other professional - advisors on solutions for business owners to capitalise on the current tax rates.

Such solutions - which focus on exit planning, succession planning and restructuring – can take up to three or four months to implement and to secure the appropriate clearance from HRMC, making it vital to start planning now.

If you are a business owner and considering your potential options, please contact Susheel Gupta, who heads up our Business Tax and Wealth Preservation team, by e-mail susheel.gupta@higgsandsons.co.uk or on 07912 121 804.

 

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