Tax firm Crowe is urging business owners and entrepreneurs to review their finances as new inheritance tax rules and income tax increases come into effect over the next two years.
Nick Latimer, tax partner at Crowe, said: “Many people fail to file their tax returns on time last year, an estimated 1.1 million in the UK missed the 31 January deadline.
Paying the right amount first time avoids HMRC interest charges, currently 7.75 per cent, and saves a lot of stress.”
Latimer highlighted key upcoming changes:
Latimer added: “Coupled with the freeze on income tax thresholds until 2030/31, these changes make early planning more important than ever especially for entrepreneurs deciding how to remunerate themselves and protect family assets.”
Crowe encourages business owners to speak with their tax advisers now to prepare for these changes and avoid costly surprises.
