Small Business Rates - Some concessions on business rates to ease the adjustment to the new valuations.
Reduction in Stamp Duty Land Tax for first time buyers of properties to £500k.
Corporation Tax – abolition of Capital Gains indexation allowance on sale of assets.
Taxable benefits increase on Diesel Cars provided to employees
EIS & VCT investments - ‘Knowledge-intensive’ companies total investment through EIS and VCTs extended to £10m while investors benefit by an increase to £2m where the excess over £1m is invested in these companies.
R&D tax credit mainly for larger companies has been increased from 11% to 12%
Tax Free Personal Allowance from 6/4/18 will be £11,850 and higher rate tax will apply from £46,350.
National Minimum Wage increased to £7.83 for over 25s with increases for younger workers too
Online market places will be responsible for tax which should’ve been paid by their customers. They will be required to display a valid VAT registration number for their sellers.
The VAT registration limit will not be reduced from £85k but will be frozen for the next two years whilst a consultation takes place to consider the issues around how the threshold restricts business growth.
We'll keep you posted on any other announcements and changes that come to light over the next few days. Remember to check back for our blog on Tuesday for the full story. You can stop by our Budget page for all the news, predictions and announcements as we get them.
Rent a room relief is a scheme that enables you to rent a room in your home for some tax benefits. But how do you qualify for the scheme? Read on to find out more.
This may sound like a complicated issue but it doesn’t need to be. Read below to find out the key points you need to consider.
The budget announcement continues to be a ‘laugh a minute’ as successive chancellors take the opportunity to present their comedy chops and ridicule the opposition whilst the house of commons roars like a herd of asses’. This year there were a lot of ‘long economiky words’ and a promise of ‘maths for everyone’ amongst other gags.
In response to a request from one of our readers I’m going to address losses, which occur in a business on a regular basis for a variety of reasons.