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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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Accountant in Surrey

Are you looking for a personal tax specialist?

I built up my tax experience in industry and practice over 17 years before founding my own practice in 2006.

Based in Cobham, Surrey I can also help clients throughout the UK.

  

My goal is to make personal tax and accounts for the self-employed as easy as possible for clients

 

Award-winning Accountant

Small Business Saturday is the UK's most successful small business campaign. Only one hundred of the UK’s top small businesses are selected each year for the SBS100. They act as trail-blazers in the official count-down towards the annual event.

I was one of the alumni from the 2014 Small Business Saturday 100, resulting in two visits to Downing Street.

In the Surrey Digital Awards from 2015 - 2018, I was also the winner of several top awards.

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