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Increase in the cash basis threshold As announced at the 2017 Spring Budget, the threshold for traders using the cash basis for accounting purposes is increasing from 6 April 2017. This change forms part of the Government's initiative for simplifying tax paid by unincorporated businesses and runs alongside the Making Tax Digital project. Under the cash basis, small businesses are…
Registration for tax-free childcare opens   The long-awaited tax-free childcare scheme launches on 28 April 2017 and will be rolled out during the course of the year. In conjunction with this, the government's new Childcare Choices website is now operative, allowing parents to find out about available support. The website includes a childcare calculator for parents to compare all the…
Change to Class 4 NIC rate reversed   The Government has confirmed that the proposed increase in the rate of Class 4 National Insurance Contributions, paid by the self-employed on profits from a business, will not now take effect from April 2018. The Chancellor of the Exchequer, Philip Hammond, had announced that the rate would rise from 9% to 10%…
Apprenticeship Levy The new Apprenticeship Levy takes effect from 6 April 2017. Although the levy affects employers in all sectors, it will only be paid on annual pay bills in excess of £3 million - this means that, according to government estimates, less than 2% of UK employers will pay it. However, from 1 May 2017, changes are also being…
Changes to company carry-forward of losses confirmed   Initially announced at the time of the 2016 Budget and following a period of consultation, Finance Bill 2017 contains provisions to reform the tax treatment of certain types of carried-forward loss for corporation tax purposes with effect from 1 April 2017. Losses arising from 1 April 2017, when carried forward, will have…
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