For the 2017/18 Tax Year, the Personal Allowance and Tax Band Limits will increase. To see how this will affect you, we have given the new rates below: Earnings Allowance Upto 11,500 Tax Free Personal Allowance >11,500 upto 45,000 20% Tax, Basic Rate Band >45,000 40% Tax, Higher Rate Band If you would like discuss the changes please call us on 01530 414 285.
From 1st April 2017, the Flat Rate VAT Scheme changes for certain businesses. Businesses who are classed as ‘low cost traders’ will see their Flat Rate Percentage increase to 16.5%. Low cost traders are those who either have expenses less than 2% of their turnover or have less than £1000 worth of expenses per year. Some expenses are not included in these calculations, such as: Fuel, Food/Drink, Vehicle costs and Capital expenses. There are a few options for ‘low cost traders’
From 1st April 2017, the National Minimum Wage for Employees has increased. To see how this will affect your business, we have given the new rates below: Age (years) Rate (hourly) 25+ £7.50 21-24 £7.05 18-20 £5.60 <18 £4.05 Apprentice £3.50 If you would like to discuss the changes please call us on 01530 414 285.
A little update post-budget, and we have good news – The proposed increase in Class 4 National Insurance has been abolished. For the foreseeable future, the rate will remain at 9%. If you would like to discuss the budget more, then please get in touch on 01530 414 285 or firstname.lastname@example.org.