How the queen’s new polices will affect businesses around the UK (big/small)
Today I will give you some insight into how the queen’s new polices will affect businesses around the UK (big/small). There are various topics from the queen’s speech that would affect businesses around the UK (big/small). I will discuss each one in detail to give you an insight before it comes into play.
''To build a stronger economy we must support smaller businesses to compete within their sector. Furthermore, we should ensure they should not be disadvantaged by those who do not play by the rules (larger companies)''.
The main elements are:
We must protect public revenues by tackling avoidance and also help hard working taxpayers by simplifying the collection of class 2 National Insurance contribution (NIC) paid by the self-employed.
Simplifying the NICs paid by the self-employed:
Public sector land assets are to be transferred directly from arms-length bodies to the homes and communities agency, reducing bureaucracy and managing land more efficiently. Furthermore, guarantee that future purchases of land owned by the homes and communities agency and the Greater London authority will be able to develop and use land without being affected by easements and other rights and limitations suspended by the agency. Land registry would transfer statutory responsibility for the local land charges register and delivery of local land charges searches to the land registry, supporting the delivery of digital services and broaden land registry’s powers to facilitate it to grant information and register services relating to land and other property.
The adjustments to the pension tax rules (as announced at the budget) are to help people get on by giving them greater independence and choice over how to access their defined contribution pension savings.
The main elements are:
Other measures that will effect businesses and indviduals are as follows:
By Tahir Malik at Tax Affinity Accountants
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