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KRW Tax news

09 March 2017

Support for businesses outgrowing small business rates relief

on Thursday, 09 March 2017.

Alongside the previously announced changes to extend the number of businesses able to qualify for small business rates relief which arrive next month, Philip Hammond also announced that there will be support for growing businesses coming out of small business rates relief, with a cap placed on the rates increases faced by those businesses of £50 per month.

09 March 2017

Dividend allowance cut to £2,000 per annum from April 2018

on Thursday, 09 March 2017.

In a measure designed to reduce the tax gap between those employed and those running their own companies the Chancellor announced that the current £5,000 annual dividend allowance will be cut to £2,000 from April 2018. The current allowance will remain available for the 2017/18 tax year, but from April 2018 this change will cost most company shareholders an extra £225 in tax per annum.

09 March 2017

Class 4 NICs increased to 10% from April 2018 & to 11% from April 2019

on Thursday, 09 March 2017.

While the abolition of Class 2 NICs will go ahead from April 2018 as planned, it was announced that Class 4 NIC on self-employed profits will increase from the current rate of 9% to 10% from April 2018, and then again to 11% from April 2019. However, the higher rate will remain at 2%. As a result, anyone with profits over £16,250 per annum will pay more NIC from April 2018.

28 February 2017

Increases to Minimum Wage and Living Wage from April 2017

on Tuesday, 28 February 2017.

Hourly rates for the National Minimum Wage and the National Living Wage are set to increase from April 2017.

In this month’s Tax News we set out the new rates, and remind readers about the penalties of non-compliance.

01 February 2017

Changes to Flat Rate Scheme for 'limited cost traders' from April 2017

on Wednesday, 01 February 2017.

In 2016’s Autumn Statement, new rules were announced which will force businesses using the flat rate scheme that have limited costs to apply a flat rate of 16.5%.

In this month’s Tax News we take a look at how the new rules will work, who will be affected, and what action should be taken.

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