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Taxing Times Ahead  - beware the 6 April 2008!

On the 6 April 2008 the tax system in the UK is undergoing a number of radical changes. Businesses and individuals have been given prior warning, but is the word getting through?

Simon Pease, managing partner of Harrogate-based DSC Chartered Accountants, has the following advice to offer:

“If you are in business, have complex personal tax affairs, or are on a low income, you will be affected by a number of changes to the tax regime next year. Income tax, pensions, and capital gains tax have all been hard hit, and the impact of the changes will be painfully felt.  Small family-run businesses will also need to check on the new and more stringent rules regarding the allocation of income amongst family members.

However there is still a ‘window of opportunity’ between now and the end of March 2008; a period of time for implementing tax planning strategies that will help to counter the changes to come - there is, after all, no point in waiting until it is too late to take action.”

Perhaps this is a good time for a visit to our accountants?