Below are some key financial dates and deadlines for November.
The 2016/17 tax year has seen the introduction of
• £5,000 Dividend Nil Rate: - commonly called the Dividend tax allowance. Remember this can only be used against dividend income – not savings income. This replaces the tax credit, which previously covered the basic rate income tax liability for dividends.
LEADER funding is available to support projects that create jobs, help businesses grow and benefit rural economies. The source of the funds is the European Union, but the utilisation of the funds and setting of priorities is dealt with at a local level through Local Action Groups (“LAGs”). The LAGs are also responsible for determining which projects will be funded, and which won’t. There are five LAGs covering Devon, and four for Somerset.
It’s often said by professional in all walks of life – from accountants & solicitors to doctors and even plumbers & electricians – that a little knowledge can be a dangerous thing. This phrase was never more apparent than with a recent case which came across my desk.
After a number of weeks of uncertainty about the future of Government funding for Farmers and a halt being called on all funding applications in progress until clear guidance was received from the Government, it was with great relief that Philip Hammond (Chancellor of the Exchequer) stated on the 16th August 2016 that structural and investment fund projects signed before the Autumn Statement would be guaranteed by the Treasury after we leave Europe. He then went on to say that the Government would match the current level of agricultural funding until 2020, providing certainty to the agricultural community which plays a vital role in our country.
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