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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...

Cash basis increase for all

by | Apr 4, 2017 | ACCA, business taxation

The threshold for unincorporated businesses will be £150,000. Legislation will come into force on 6 April, with effect for the tax year 2017/18, which will increase the threshold for the cash basis from £83,000 (cash basis threshold for 2015/16) to £150,000. The exit...

Pros and cons for cash basis

by | Mar 22, 2017 | ACCA, business taxation

The arguments for and against cash basis. The cash basis Self-employed individuals or partnerships carrying on a small trading business will be able to choose to be taxed on the cash basis rather then being asked to do accounting adjustments designed for more complex...