A dark and cold November morning didn’t deter Howard Worth’s clients and professional contacts from attending a budget breakfast event at the Macdonald Portal Hotel on Wednesday 29th November, a week after the first Autumn Budget took place, to hear tax and financial experts dissect the Chancellors speech.
A crowded room listened to Managing Partner Richard Barnett’s introduction containing a summary of some of the political and economic changes since the last budget in March and the two main themes that ran through Philip Hammond’s speech, Property & Technology.
The first of the speakers was Independent Financial Adviser Catrina Walker-Jones, who discussed the positives and negatives of the budget. She analysed the performance of the global markets since Brexit and with the current pension freedoms in place it is more important than ever to seek professional financial advice when planning for the future.
Suzanne Preston, Farming and Rural Business Partner followed next, she covered the changes to the complex area of partnership taxation and its impact on business. Housing and Development was highlighted, in particular the potential intervention measures local authorities may obtain to progress housing developments.
Tim Lwin, Tax Partner was the final speaker. His presentation echoed the Chancellors message of “Building a Britain fit for the future”. Tim explained the various Tax reliefs for businesses that are available. Research & Development (R&D) is an area that most people associate with scientists and laboratories, however, this was demystified and various examples were discussed which highlighted how almost every industry sector should be able to access the tax reliefs, even a company producing pies!
To mirror the Chancellor, Tim saved the best till last in the form of an early Christmas present for businesses – Tim’s Top Ten Tax Tips, featuring ten tax savings opportunities currently available to companies enabling them to reward their employees and at the same time take advantage of tax reliefs. His favourite tip was the Trivial Benefit tax exemption – ideal at this time of year to use for Xmas gifts for staff!