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Spring Statement 2018: 5 key consultations

Chancellor Philip Hammond announced 13 consultations in his Spring Statement on 13 March 2018.

Here are 5 of the key consultations revealed:

VAT registration threshold

A review has been launched into the design of the VAT threshold, amid concerns it may currently be disincentivising small businesses from growing beyond a £85,000 turnover.

Cashless and digital payments

The government launched a call for evidence on the transition from cash to digital payments, and its impact on different sectors.

Self-funded work training

The government is calling for views on extending tax reliefs for self-employed and employed people who are funding their own training.

Tax on digital multinationals

After consulting on the corporate tax system for digital multinational businesses, the government has published its views on how such businesses can be taxed fairly.

Business rates revaluation brought forward

The government has announced it will bring forward the next property revaluation for business rates from 2022 to 2021.

This follows the decision in Autumn Budget 2017 to hold revaluations more frequently.

Others

The following consultations were also announced:

  • tackling the plastic problem
  • allowing entrepreneurs' relief on gains made before dilution
  • financing growth in innovative firms: enterprise investment scheme knowledge-intensive fund consultation
  • VAT, air passenger duty and tourism in Northern Ireland
  • tax treatment of heated tobacco products
  • extension of security deposit legislation
  • online platforms' role in ensuring tax compliance by their users
  • alternative method of VAT collection - split payment.

A full Spring Statement report is available on our website.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email newbusiness@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.