The summer is coming

Summer is a chance to take some time out and reflect.

Over the last few weeks the major issue seems to have been the credit crunch. There is still more bad news coming from the banks, with the Bradford & Bingley suffering a lack of funds, and mortgages difficult to obtain.

The chancellor’s first budget has proved difficult particularly with his attempts to sort out the 10p rate withdrawal left to him by his predecessor. Over the summer months we are looking forward to this budget becoming law when Her Majesty the Queen is due to sign off the Finance Act. We will then have a chance to review all the changes to the legislation over its course through Parliament and in particular the new capital gains tax rules and the entrepreneur relief which was introduced to reduce the outcry for many smaller businesses expecting the sale of their business to fund a large part of their retirement.

We are also looking forward to the draft rules for taxing families on income from small family businesses. The first draft of these (issued in 2007) was recognised as being too difficult to introduce on 6 April 2008; we can only hope that the next attempt will produce something which small businesses can cope with.