April is traditionally a time for change, as it signals the end of one tax year and the start of the next. We have identified 8 changes in April this year which may affect small business owners. 1. The personal allowance is increasing The personal allowance for the 2018/19 tax year is increasing to £11,850. …
The Summer Budget included an announcement a new dividend tax, effectively changing the way that dividend income is taxed. The Current System Dividend income is paid from post tax profits (also known as retained reserves). At the moment, there is no extra tax to pay on dividends if you are a basic rate taxpayer (i.e. 20%). …