Where a property is used for business purposes, the local authority assesses the property for business rates. The amount of tax payable for each property is a combination of its rateable value, and the applicable multiplier for the area where the property is located, less any special reliefs.
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VAT Flat Rate Scheme
We outlined the proposed changes to the VAT flat rate scheme (FRS) in our newsletter on 1 December 2016. Since that date HMRC has published the draft regulations to bring about this change (see below).
Changes to VED
Vehicle excise duty (VED) is also known as road tax, and it used to be evidenced by a paper disc fixed to the vehicle’s windscreen. The paper disc was abolished in October 2014, and now the structure of VED for cars is being overhauled.
Pension Scheme Surcharges
Pension scheme rules are complicated, and they are constantly changing. It is thus essential that clients take advice from a qualified independent financial adviser before drawing funds from their pension scheme, or using those funds to invest in business assets.
Public Sector Contracts and IR35
Where our clients work as contractors through their own personal services companies (PSC), we will be aware of the IR35 rules which have been around since April 2000. From 6 April 2017, the impact of the IR35 rules is about to change significantly for contractors working in the public sector.
Payrolling of Benefits in Kind
Some employers have been taxing certain benefits in kind through the payroll (known as “payrolling”) for some years. From 6 April 2016 payrolling became a statutory choice for all employers, as we explained in our newsletter on 11 February 2016.