Potters Bar tax expert: ‘Watch out for April rule changes’
PUBLISHED: 13:09 25 March 2017
Entrepreneurs need to be prepared for a wide range of changes to the tax system that are about to hit small businesses, a Potters Bar expert has warned.
Steve Barnes of TaxAssist Accountants in Darkes Lane has called on business owners to make the most of all tax breaks and beware getting caught out by new rules.
He said: “Although the Government has now decided not to increase National Insurance contributions for self-employed people following a major backlash, other announcements in the spring budget added to a long list of changes and new responsibilities for small businesses.
“Although some of the changes, such as reduced dividend tax allowance for director-shareholders, will not start until next year, there are significant challenges for local business owners which come into force from April this year.”
Key changes from April 2017 include cutting corporation tax to 19 per cent, raising the National Living Wage to £7.50 an hour, and an increase in the VAT registration threshold from £83,000 to £85,000.
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