Post Budget Lunch & Learn: With Our Tax Experts

We share a behind the scenes glimpse into what we discussed at our recent Lunch & Learn with our tax experts!

Training is not only attending events or watching webinars. We make our training practical and share our experiences around the firm through our Lunch and Learn sessions.

Our most recent session starred our in-house tax and business experts. They answered and discussed real life questions arising from the most recent Budget. This has been something that has brought us and our clients many different challenges both immediately, but also longer term.

Employers National Insurance

Our first topic that we tackled related to the increase in Employers National Insurance. We discussed whether there was any immediate concern from our clients, to which the answer was yes. One area that is going to be affected is going to be an issue in terms of the overall staffing costs. We considered advice appropriate to this problem. One of the solutions could be to introduce a salary sacrifice scheme for employees; to allow for pension contributions. The effect here would be a reduction in the charge to both tax and national insurance.

One concern that was expressed related to the method in which individuals would be engaged, and whether it would witness a change from employee to self-employed contractors. If this were to happen then there is a worry as to the consequences and whether this would increase the tax gap that currently exists.

Increase In Investigations

We moved onto the subject of the increased number of investigations that HMRC have suggested will take place, and the advice that has been sought and indeed provided, with the introduction of regulation with tax advice provided.

Agricultural & Business Property Relief

Then we covered perhaps the most topical aspect of the recent Budget, namely the changes relating to both Agricultural and Business property relief. We also talked through discussions we have been having with our clients, which have been many. Certainly, all of those present have found that there are increasing conversations with both clients and other professional advisors, and that there is a need to have greater information on the proposals from the Government. This however, is not expected to be provided until next year.

We did agree that we should be looking to ensure that:

• • Wills are in place,
  • Land and other business assets are fully understood in terms of ownership and registration,
  • There is a clear vision as to how the business will be owned in the immediate future and also in the next 5 to 10 years,
  • Where action can be taken then it is done so, with all parties involved.

Get In Touch

Whatever action is taken, we would certainly recommend considering all aspects and taking the appropriate advice before taking any action. For more information/advice on the topics mentioned above, please do contact your local Whitings LLP office today!