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The practical implications of the new tax rules on dividends.
KEY POINTS
- Grossing up dividends will not be necessary after 6 April 2016.
- Individuals trading through small companies are likely to fall within self assessment.
- Accelerated dividends may the best the way to proceed for some companies.
- Consider other reliefs such as pensions and gift aid.
As we approach the end of the tax year we should be thinking about how to advise clients on the impact the new dividends rules will have on them. For some this may require accelerating the timing of dividends which could potentially save some significant amounts of tax. For others it may be a case of ensuring that we have spoken to them about the changes before their proverbial ‘mate down the golf club’ tells them they have missed a trick. Either way the...
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