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Our Autumn Statement summary 2016

November 24th, 2016

Please find below our summary of the Autumn Statement. The main points to note are:

  • From 1 April 2017, companies on the Flat Rate Scheme for VAT will have to check if they are a “limited cost trader”. If they are, their flat rate will be 16.5% which is very high and could lead to no savings at all for being on the VAT flat rate scheme. A limited cost trader is effectively a business with very few costs incurred in running the business (excluding subsistence and vehicle costs). This is another attack on consultancy type businesses where a labour-only service is provided.
  • This is the last Autumn Statement. In future there will be one Budget taking place in Autumn instead, but in 2017, there will be the Spring Budget and then the Autumn Budget.
Autumn Statement 2016

 

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