Budget 2016 Report and Commentary
Although undoubtedly there were some positives in this year's Budget, it is difficult to see past the new "dividend tax" that has been thrust upon small businesses.
Until now, dividends drawn from a company were tax free, until you reached the higher rate (40% tax band). The rationale behind this was, because the company itself had already paid corporation tax on its profits, it would be unfair to tax those profits again when they were drawn from the company as a dividend.
Until now, dividends drawn from a company were tax free, until you reached the higher rate (40% tax band). The rationale behind this was, because the company itself had already paid corporation tax on its profits, it would be unfair to tax those profits again when they were drawn from the company as a dividend.
17th March 2016 | Written by Richard A Crofts, Director
Please see the link below to our full Budget Report with comments which details the changes that are likely to affect you and your business.
< Taxwise Budget Report 2016 >
< Taxwise Budget Report 2016 >
