01903 300230 MENU

5th April 2017

Key Points from the Spring Statement

Filed Under: Tax

  • Class 2 NICs abolished from April 2018 as previously planned.
  • VAT threshold to be £85,000 from April 2017.
  • Going Digital delayed until April 2019 for those unincorporated businesses and landlords with turnover below the VAT threshold. The £10,000 turnover threshold for exemption stays the same. So from April 2018 just businesses, self-employed people and landlords with turnovers in excess of VAT threshold will be Digital.
  • Cash basis entry threshold to be increased from April 2017 to £150,000 and exit at £300,000.
  • Dividend allowance reduced to £2,000 from April 2018.
  • Changes to s161 TCGA 1992 re tax treatment of appropriations to trading stock – ability to convert capital losses into trading losses removed from 08/03/2017.

If you liked this post please share it: