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The Coalition Government has brought a new shape to the UK tax landscape for individuals and entrepreneurs. The Chancellor has declared that Britain is "open for business" and proposes to make the tax system more stable, transparent and competitive.
This creates both challenges and opportunities for you, as you can expect fewer short-term changes, less complexity and more encouragement of entrepreneurship. However structures that may have proved effective for you in the past may not suit the new landscape. To make the most of this new environment, it may be an appropriate time to replace short term tactics with a more holistic and durable strategy around your personal tax affairs.
The new UK discusses how the changing UK tax landscape could affect you. Do you need to consider updating your existing structures in light of increasing personal tax rates, but falling corporate tax rates? Could you benefit from the increase in entrepreneurs relief to widen the shareholder base in your business? How could increased scrutiny from HM Revenue & Customs affect you?
Plan now, to navigate the new tax landscape, and take control.