JJ Accounting Solutions
  • Home
  • About
  • Services
    • Self Assessment
    • Partnership
    • Limited Company
    • Contractor >
      • Tax Return Questionnaire 20/21
    • Payroll & Auto Enrolment - Pension >
      • Payroll Quote
    • MTD for VAT
  • Contact
  • Privacy Policy
  • Home
  • About
  • Services
    • Self Assessment
    • Partnership
    • Limited Company
    • Contractor >
      • Tax Return Questionnaire 20/21
    • Payroll & Auto Enrolment - Pension >
      • Payroll Quote
    • MTD for VAT
  • Contact
  • Privacy Policy

News

Spring Budget 2017

3/13/2017

 

Chancellor Philip Hammond has delivered his Spring Budget 2017. Here is our summary of the key outcomes:

Personal allowance:​ From 6 April 2017 the tax-free personal allowance will increase to £11,500. The higher rate threshold will rise to £45,000 except in Scotland where it remains at £43,000. 
National Minimum Wage: The national minimum wage for those aged 25 and over will rise to £7.50 as from April 2017.
Dividend allowance: The tax-free dividend allowance will reduce from £5,000 to £2,000 from April 2018.
Corporation tax: The corporation tax rate will fall to 19% from April 2017 and to 17% in April 2020.
Capital Gains Tax: The annual capital gains tax exemption increases by £200 to £11,300 from April 2017.
VAT Registration and De-registration Thresholds: The taxable turnover threshold, which requires a person to register for VAT, increases from £83,000 to £85,000 per annum.  The threshold below which a VAT-registered person may apply to deregister increases from £81,000 to £83,000 per annum​. 
Flat Rate Scheme (VAT): With effect from 1 April 2017, businesses eligible to use the flat rate scheme but which are classified as a ‘limited cost’ business, will have to account for VAT at 16.5% of their relevant gross turnover. 
Making tax digital: Businesses with turnover that is less than the VAT registration threshold (currently £83,000)  will have the introduction of quarterly digital reporting delayed by 12 months. 
Contact us on 01786 586419 or by email hello@jjaccountingsolutions.co.uk for a review of your business affairs.

Comments are closed.

    Author

    JJ Accounting Solutions

    Archives

    July 2018
    May 2017
    March 2017

    Categories

    All

    RSS Feed

JJ Accounting Solutions Ltd

 is a limited company registered in Scotland SC472140
​ at the Registered Office: 272 Bath Street, Glasgow, G2 4JR
Picture
Professional insurance broker
We have:
tick_imageLiability insurance
tick_imageBusiness Interruption cover
© COPYRIGHT 2015. ALL RIGHTS RESERVED.