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Simplification of tax administration

by | Nov 27, 2017 | ACCA, budget, penalties

Could a points-based system be on the cards? On 1 December 2017 we are expecting the release of HMRC’s consultation findings on late submission and late payment sanctions. The release is expected to include the issue of alignment of penalty interest and late payment...

NIC for self-employed to rise

by | Apr 7, 2017 | ACCA, budget, business taxation

Changes aim to align national insurance contributions and income tax. One of the significant features of the Budget is the changes for the self-employed. The nod to national assurance alignment and increases in national insurance contributions (NIC) will be...

VAT thresholds – and other changes

by | Mar 28, 2017 | ACCA, budget, VAT

Increases could delay VAT registration for 4,000 small business. From 1 April 2017 the VAT registration threshold will increase from £83,000 to £85,000 and the deregistration threshold from £81,000 to £83,000, in line with inflation. Also, the registration and...

Class IV NI rises scrapped

by | Mar 16, 2017 | budget, business taxation

Yesterday it was announced by the Prime Minister the Class 4 NI increases for Self Employed (sole traders and partners, not company directors) announced in last weeks budget are not going ahead. They were originally proposed at 1% from April 18 and 1% from April 19....