Tax specialist issues warning

Lynn Adams-Ahern who runs TaxAssist Accountants in Gosport and Fareham said: ‘Although the government has now decided not to increase National Insurance contributions for self-employed people following a major backlash, other announcements in the spring budget added to a long list of changes and new responsibilities for small businesses.

‘We want to ensure that local business owners make the most of all relevant tax breaks and don’t get caught out by the new rules.

‘Although some of the changes, such as reduced dividend tax allowance for director-shareholders, will not start until next year, there are significant challenges for local business owners which come into force from April this year.’