Do you know whether or not you need to submit your tax return? So you better check it out before you miss the deadline.
On 8th March 2017, Philip Hammond, the Chancellor of Exchequer delivered his first and last Spring Budget (as from next year the Government will only delivery one Budget per year and it will delivered in the autumn season).
The Spring Budget was very short in comparison with previous ones with only 28 main announcements. Philip Hammond ripped up a Conservative manifesto (delivered by David Cameron in 2015) which promised not to increase taxes such as national insurance, income tax and VAT for the next 5 years and hit 2.5million self-employed with an increase in National Insurance Contribution (NIC 4) from 9% to 11% in the next two years (even though the fixed national insurance contribution class 2 will be scrapped). However, on 15/03/2017 Mr Philip Hammond has scrapped the proposed increased in National Insurance Contribution Class 4 for all self-employed individuals. Read more
From April 2017, HMRC has announced significant changes for the amount of VAT that many small businesses will have to pay in UK. This will affect vast majority of businesses that use the VAT Flat Rate Scheme but spend very little on goods, including raw materials such as companies providing services to their clients. The aim of the new rate of 16.5 % is supposedly to tackle aggressive abuse of the scheme by labour-only agency workers.
What is VAT Flat Rate Scheme?
We are aware that some of our clients have received text messages and/or emails promising tax refunds. These messages, supposedly sent by HMRC, are fraud.
Do not disclosure any personal information via SMS, email of phone in reply to these messages (examples below).