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Highlighting VAT, Stamp Duty Land Tax and simplification measures.
After many years of having been frozen, the government will increase the VAT registration threshold from £85,000 to £90,000 and the deregistration threshold from £83,000 to £88,000 from 1 April 2024. The government has stated that these new thresholds will be frozen but has not stated for how long.
A number of changes are made to the Stamp Duty Land Tax (SDLT) regime. These include the following:
The government has announced a package of measures that supports its ambition to simplify and modernise the tax system, which includes the following:
Why not contact van Dijk Accountants Limited today for more information or a FREE no obligation quote.
HMRC's pilot scheme for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is now live.
One in ten highly skilled freelancers are currently out of work due to the impact of reforms to IR35 tax legislation.