It is important for businesses to understand the changes that will be taking place over the coming years as a result of the Autumn Budget 2017. This will help with planning your finances and will allow you to be prepared when these come into force. We have summarised five key changes that you need to be prepared for going forward.
The main rate of corporation tax is currently 19%. The rate for future years is:
There has been a delay in the changes. Class 2 NICs will be abolished from April 2019.
There will be some changes coming in regarding the taxation of partnerships. This is mainly to ensure that all parties have greater clarity about the different partnership arrangements that exist and how much tax is to be payable. There will also be a new structured mechanism for the resolution of disputes between partners over the allocation of taxable partnership profits and losses shown on a partnership return.
From 6 April 2017, unincorporated businesses will have the option to use a fixed rate deduction for every mile travelled by car, motorcycle or goods vehicle for business journeys.
There will be an increase in the rate of the R&D expenditure credit which applies to the large company scheme from 11% to 12% where expenditure is incurred on or after 1 January 2018. There will be a proactive process to ensure all companies are aware of the R&D tax credits scheme and the process of applying for these will be made simpler.
To find out more about business tax changes have a read of our Summary of the Autumn Budget 2017. If you would like support with any changes that will impact your business taxes then contact us by calling 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
Haidee is our Personal Tax Director and is a fully qualified tax adviser, having achieved the ATT qualification in 2006. Tax efficiency being her main concern. Specialising in taxation, Haidee provides clients with advice on personal tax, PAYE services, VAT and social security. She also provides guidance to new start-up businesses.
Call us today on01623 490120
or email info@watsonk.co.uk
When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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