In the wake of the General Election, Hallidays latest newswire shares the latest business and tax news, including the Finance Act, rushed through parliament ahead of the dissolution.
Prime Minister Theresa May’s decision to call a General Election ahead of the UK’s divorce from the EU, the country is thrown into another period of uncertainty. CBI Director General, Carolyn Fairburn comments below.
General Election and tax law
With the announcement of a snap General Election on 8 June the time available for scrutinising proposed legislation was short so the Finance Act was rushed through Parliament.
Business response to General Election on 8 June
Carolyn Fairbairn, CBI Director-General, has commented on the upcoming General Election.
Off payroll working in the public sector rules amended
From 6 April 2017, new tax rules were introduced which potentially affect individuals who provide their personal services via their own companies (PSCs) to an organisation which has been classified as a ‘public authority’.
Tax-Free Childcare rolled out
Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare, launched on 28 April 2017.
VAT fuel scale charges
HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2017.
Investment Bond launched
National Savings and Investments (NS&I) has recently launched a government-backed Investment Bond.
Changes to the PAYE Tax system using Real Time Information
HMRC have announced that from the end of May 2017 they will be using Real Time Information to make adjustments to employee tax codes in-year as and when the need arises.