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Follow on Google News | Have you Signed the Petition to Halt New Tax on Share Dividends ask Office Assistants?As of April 2016, notional 10% tax credit on dividends will be abolished. Instead there will be a £5,000 tax-free dividend allowance with dividends above this level taxed at three different rates.
The changes, announced in the Chancellor’s summer budget, have been met by much furore amongst the small business community, and a campaign has been launched with the aim of attracting the support of 100,000 business leaders via signatures on a petition. Once that figure is reached, the campaign will be considered for debate in Parliament. 70,000 Signatures Still Needed Launched on September 10 by small business owner Serena Humphrey of financial Nottingham based training company The F Word, the petition has so far been signed by almost 30,000 people. Serena said, “There is massive interest in scrapping the tax on dividends and helping small and medium-sized enterprises have a better chance of surviving. We’re asking the Government to reconsider the tax.” Serena points out that pension auto-enrolment, the increase in the Minimum Wage and insurance premium tax and the new Living Wage for the over 25s will make it even more of a challenge for smaller companies to survive. “This dividend tax is an attack too far on small businesses,” Where to Find the Petition If you agree with Serena and would like to sign the petition you can do so by following this link: http://petition.parliament.uk/ If you are concerned as to how the new dividend taxation system will affect your business finances, don’t hesitate to discuss the matter with your bookkeepers who will be able to explain the potential effects in your particular situation. Office Assistants offers bookkeeping services and much more to clients throughout the south east of England from their base in Rainham, Essex. For more information visit http://www.officeassistants.org. End
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