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KRW Tax news

25 November 2016

National insurance thresholds aligned for employers and employees

on Friday, 25 November 2016.

In a bid to simplify the current system, from April 2017 the threshold above which NIC becomes payable will be aligned for employees and employers, at £157 per week (£8,164 per annum).

25 November 2016

Insurance premium tax increased from 10% to 12% from June 2017

on Friday, 25 November 2016.

Philip Hammond announced that the standard rate of IPT will be further increased to 12% from June next year, which will inevitably raise the cost of insurance for businesses and individuals.

25 November 2016

Employee shareholder status (ESS) to be abolished

on Friday, 25 November 2016.

The Chancellor confirmed that the tax advantages for shares awarded under ESS will be abolished for arrangements entered into on, or after, 1 December 2016, with the status itself to soon be abolished entirely. This will be a blow for those wishing to use the scheme to incentivise their staff.

25 November 2016

National living wage to increase to £7.50 per hour from April 2017

on Friday, 25 November 2016.

It was also announced that the National Living Wage which applies to workers aged over 25 will be increased from £7.20 per hour to £7.50 per hour from April 2017. National Minimum Wage rates will be increased from the same date (eg. from £6.95 per hour to £7.05 per hour for 21-24 year olds).

25 November 2016

New 16.5% VAT Flat Rate Scheme rate for businesses with limited expenses

on Friday, 25 November 2016.

The government will introduce a new 16.5% rate from 1 April 2017 for businesses with limited costs, such as labour only businesses, who currently benefit from using the flat rate scheme. We’ll await further details, but as the flat rate is applied to your VAT inclusive turnover, this means an effective rate of 19.8%, therefore eliminating any possible savings for those businesses affected.
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