Firms will have been making a number of tax plans in the wake of the Budget earlier this month, but the real detail is likely to emerge on Tax Day, which takes place on March 23^rd.

Although headline measures such as the upcoming increase in corporation tax will have been noted and many firms will be trying to work out what that means for them, it is the 23^rd when more precise information on a wide range of tax measures will be published by the Treasury.

Accountants, tax advisors and financial organisations across the UK have been warning firms and individuals to look out for these details, as these will give a much clearer indication of exactly what Chancellor Rishi Sunak’s tax plans will mean for them.

There could be  a great deal more than corporation tax may be on the agenda, stating: “The rumours about Capital Gains Tax and Inheritance Tax as well as other areas – Pension Tax Relief possibly being highlighted, will once again gather pace as the date approaches.”

Firms and individuals based can benefit from working with  Solutions 4 Business who can help advise and prepare for the changes in the pipeline.

The source of these potential changes will be a series of consultations that the government is to carry out on various taxes. As the I put it in its Budget coverage: “In theory these should not change the overall national tax burden, but they will affect where the burden falls.”

Of course, a consultation means no change will be set in stone just yet, but it will be a clear indication of the direction of travel.

Changes to inheritance tax could represent a reversal of previous Conservative government policies aimed at restricting this burden.

The threshold for paying inheritance tax currently starts at £325,000, although this rises to £500,000 when property is given to children or grandchildren. Unused thresholds can be added to those of spouses or civil partners up to a value of £1 million.