The autumn statement 2016

The autumn statement 2016

the-autumn-statement-2016

This was held on Wednesday 23rd November 2016.

MTD
While many people were hoping for an announcement regarding the making tax digital project, we are unfortunately left waiting until January before HMRC will respond.

With a planned implementation date of April 2018, and still no definite details from HMRC, time is running out.

FYI there were 3,000 responses to the consultation, and many people provided figures for the financial impact on businesses that the proposed implementation would cause.

You can read my response to the MTD consultation by clicking on the link.

The main statement
There were several items covered, I’ll go into further detail in future posts:

– Confirmation of the personal allowance change to £11,500 from 6th April 2017 (announced back in March 2016)

– Fuel duty has been frozen, reducing the fuel costs that affect most businesses

– Plans to increase the personal allowance to £12,500 in the future and for it to then be linked to inflation

– Also planning to raise the higher rate threshold to £50,000 by 2020/21

– A ban on fees charged by letting agents. A consultation will follow.

– Changes to salary sacrifice schemes, removing many benefits from them.

– Changes to the VAT flat rate scheme, which are likely to affect small businesses.

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