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18 December 2017
Philip Hammond resisted calls to lower the VAT registration threshold in Autumn Budget 2017. Mike Cherry, chairman of the FSB, said: “Small firms spend more than a working week a year complying with VAT obligations on average. It’s time that should be spent growing their firms.” We couldn’t agree more, get in touch with us to talk about your VAT via firstname.lastname@example.org or call 01772 741200.
The Chancellor has also delayed the decision to abolish class 2 national insurance contributions (NICs) by 12 months. The policy, which was first announced by Hammond’s predecessor George Osborne in 2016, would have seen class 2 NICs incorporated in reformed class 4 NICs from April 2018. To understand the impact read more via the link below.
Research and development (R&D) tax credit claims by small businesses climbed to £1.345 billion in 2015/16, according to HMRC. R&D tax relief enables businesses carrying out qualifying R&D in their sector to claim an extra corporation tax deduction for certain qualifying expenditure. haleys research and development experts have 100% success on claims. Why not do some research here or speak to Phil Hartley, Head of haleys R&D Tax.
A range of measures designed to boost business and productivity were announced in Autumn Budget 2017 including lowering corporation tax by 2020, further £2.3 billion pledged into R&D, investment limits for enterprise investment schemes to be doubled and rises to the national living wage – up 4.4% from £7.50 an hour in 2017/18 to £7.83 an hour for those aged over 25 in 2018/19. Read more in our full newsletter via the link below.
If you have any questions or enquiries please don't hesitate to make contact either by email at email@example.com or call 01772 741200.
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