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April 2017

VAT Flat Rate Scheme Changes

April 2017 sees changes to the VAT flat rate scheme, which may have a detrimental impact on certain small businesses.

Tax diary May

May is a very busy time in the tax calendar, with critical filing dates.

Corporate tax rates & VAT limits

The new corporate tax rates are now upon us and the Government is committed to continue to have the lowest corporate tax rate of the G20 major trading nations. As already announced the corporation tax rate reduces to 19% from1 April 2017 and then to 17% from 1 April 2020.

Simplified cash basis

For some time now, unincorporated businesses have been able to submit simplified accounts in order to settle their tax liabilities. The main advantage of using this system is that income and expenditure is based on money received from customers and money paid to suppliers. In other words, the accruals basis, where income and outgoings are based on the value of invoices sent and received, is not applied.

Making tax digital

The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when. Dates for implementation will be:

The Domino Effect

The insolvency profession and the digital age

Looking to minimise inheritance tax?

Planning to minimise Inheritance Tax (IHT) is something that many of us put off until it is too late. IHT is charged on a person’s estate when they die and on certain gifts made during their lifetime. The rate of tax on death is 40%.