Budget

Tax / Roy-Chowdhury: new Budget cycle needs to be progressive

Chancellor Philip Hammond’s real bombshell was that the twice a year Budget/Autumn Statement cycle is to be broken, but not scrapped, says ACCA head of taxation Chas Roy-Chowdhury

Tax / AS 2016: £79m post-Brexit export boost

The Autumn Statement included details of an additional £79.4m in funding over the lifetime of this Parliament for the Department for International Trade (DIT) to build capacity to support the UK’s exit from the EU and negotiations for the best possible global trading arrangements for the UK.

Tax / AS2016: tax policy consultation to be strengthened

Part of the rationale behind the decision to drop the Autumn Statement was acceptance by the government that continual changes to the tax code are damaging for business, so it has now streamlined the Budget process and committed to an improved consultation process

Tax / AS2016: tax incentives introduced for ultra low emission vehicles

The Autumn Statement contained measures to incentivise take-up of ultra low emission vehicles (ULEVs), by reforming the appropriate percentage banding structure used in establishing the taxable benefit for ULEV company cars and funding more development work. 

Tax / AS2016: museums and galleries in line for tax reliefs

Museums and galleries are set to benefit from tax relief for permanent exhibitions, an extension of the touring exhibitions relief already in place

Tax / AS2016: Social Investment Tax Relief (SITR) increased to £1.5m cap

From 6 April 2017, the cap on the investment limit for investors in social enterprises will rise to £1.5m for organisation up to seven years old using social investment tax relief (SITR)

Tax / Scotland sets draft Budget release for mid December

The Scottish government is set to deliver its draft Budget on 15 December, providing the first chance to see whether the devolved government will take advantage of its fully devolved income tax setting powers for individual taxpayers

Tax / AS2016: reformed off-payroll working plans to come in from April 2017

Chancellor Philip Hammond has said the government is to go ahead with plans to reform the off-payroll working rules in the public sector from April 2017 by moving responsibility for operating them, and paying the correct tax, to the body paying the worker’s company, in a bid to tackle high level of non-compliance with the current regulations

Tax / AS 2016: Class 2 NICs replaced by Class 3 and 4 by April 2018

The Autumn Statement included a number of changes to the national insurance contributions (NICs) regime, as Chancellor Philip Hammond acknowledged the work of the Office of Tax Simplification (OTS) to encourage greater alignment between NICs and income tax

Tax / AS2016: government to legislate for ‘greater certainty’ in HMRC enquiries

The government will legislate to provide HMRC and taxpayers earlier certainty on individual matters in large, high risk and complex tax enquiries, it was confirmed in the Autumn Statement

Tax / AS2016: disguised remuneration scheme extended to self-employed

Chancellor Philip Hammond has announced the government intends to extend measures to tackle use of disguised remuneration schemes by employers and employees, brought in following Budget 2016, to cover the self-employed

Tax / AS2016: flat rate VAT for limited cost traders rises to 16.5%

The VAT flat rate scheme (FRS) for limited cost businesses is set to increase to 16.5% from the current rate of 14.5%, effective from 1 April 2017 based on defined criteria for a limited cost trader

Tax / AS2016: OTS to review VAT threshold

Following the Autumn Statement, the Office of Tax Simplification (OTS) is to carry out a review into the VAT system, looking at options to make VAT accounting simpler for SMEs, the flat rate scheme and the registration threshold

Tax / AS 2016: key tax measures and expert commentary

The last Autumn Statement signalled a fairly light approach to significant tax changes which will be a welcome respite for tax advisers and businesses. Here our team of expert Wolters Kluwer tax writers run through the tax implications of key measures

Tax / AS2016: insurance premium tax increases to 12%

Individuals and business have been hit by a further rise in the insurance premium tax (IPT) to 12% from 2017, effectively doubling the rate in two years
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