With the departure of Boris Johnson, the two remaining contenders for the leader of the Conservative Party have started to outline their future policies. Former chancellor Rishi Sunak had stated that there would be tax cuts in the future, but only when inflation has been brought under control.
In a recent campaign shift, he vowed to cut the 5% VAT on household energy bills to help families with rising living costs.
Liz Truss has suggested that she would reverse the rise in National Insurance that came into effect in April, scrap a planned rise in corporation tax set to increase from 19% to 25% in 2023, and would suspend what is known as the “green levy” which is part of your energy bill that pays for social and green projects.
Regardless of who wins the contest, changes are on the horizon, and it is an appropriate time to remind you that there are still opportunities to minimise your tax bill for this year. We would specifically suggest a tax planning meeting to review tax-saving opportunities such as pension planning and dividends to salaries strategies.
Some planning will be appropriate, and some will not, but we think they are all worth exploring. Please contact us for further information. We will be delighted to discuss your options.