Top tips for finance in 17/18
15th April 2017
We’re well into the new financial year for a lot of clients, so here are a few things it’s worth us reminding you about:
– Changes to dividend taxation mean many directors will pay personal tax in January 2018.
– Watch out for our reminder about your 2017 self-assessment paperwork. You could win your tax return work for free and the message this year is get it in early! (Subject to T&Cs)
– April 2017 saw changes to the Flat Rate Scheme for VAT and the introduction of a new 16% category for “limited” cost traders”. If you’re on the flat rate currently and still unsure about this do give us a call.
– We have also seen some last minute changes to the 2017 Finance Bill. There were three core change and these relate to changes in the tax-free dividend allowance for directors – it will now remain at 5k (rather than dropping to 2k – but we don’t expect this to stay at 5k), tax breaks for “micro-entrepreneurs” and the government’s flagship programme to eventually get all tax returns online, Making Tax Digital. You can read more here.
As always, if you have any queries do give one of the team a call.