Hallidays April newswire, designed to keep you informed of the latest business and tax issues, includes a look at changes to the flat rate vat scheme, rise to the minimum wage the launch of the Lifetime ISA.
Stockport based Hallidays – ‘more than just accountants’ – recently acquired Edmondson & Co adding a further 100 clients to their portfolio.
VAT Flat Rate Scheme – Limited cost trader
Changes are being made to the Flat Rate Scheme which take effect from 1 April 2017.
Equality – Gender pay gap reporting
The government has introduced new requirements for all private and voluntary sector employers of over 250 people relating to equal pay reporting from April 2017.
Minimum wage rises again
Employers need to ensure they are paying their employees at least the appropriate National Minimum Wage or National Living Wage rate.
Class 4 National insurance u-turn
One of the significant announcements Chancellor Philip Hammond made on Budget Day was the proposed increases to the main rate of Class 4 National Insurance Contributions paid by self-employed individuals.
Making Tax Digital for Business update
Extensive changes to how taxpayers record and report income to HMRC are being introduced under a project entitled Making Tax Digital for Business.
Reduction in the Dividend Allowance
It was announced in the Budget that the Dividend Allowance will be reduced.
New Lifetime ISA
The Lifetime Individual Savings Account (ISA) is a longer term tax-free account that receives a government bonus.
Image courtesy of http://apustudentgov.com/