At the Autumn Statement, the Chancellor Philip Hammond announced changes to the VAT Flat Rate Scheme that could cost some small businesses thousands of pounds a year.

The Flat Rate Scheme was initially designed to simplify record keeping and get more small businesses paying VAT.

The government is now worried about abuse of the system so the scheme’s advantages are being watered down. But in tackling abuse of the scheme the Chancellor will increase bills and bureaucracy for thousands of innocent companies as well.

Benefit from Tax Relief on Contractor Expenses

If you are a contractor or freelancer then you have probably read various doom and gloom reports on how the Government is clamping down on the various tax reliefs you can currently legitimately receive.
There have also been consistent rumours for years that IR35 will be replaced and it will be almost impossible for contractors to work through their own limited company and benefits from the tax incentives this currently offers.
From next April there is also the new Dividend tax.

AUTUMN STATEMENT REVIEW
Editor | 23 November 2016
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The Chancellor’s first Autumn Statement was a mixed bag for self-employed workers and small and medium sized business owners.

Changes to the tax system will hurt some more than others, but investment in roads, railways, housing and the country’s digital infrastructure should benefit everybody.

Here are some of the most important points we have taken from the Chancellor’s statement.

Black Friday Contractor Limited Company Offer. 1 Month Free

If you are a contractor feeling down after the Chancellor’s Autumn Statement then Cloud Accountant hope to cheer you up with their Black Friday offer of One Month Free!

On Wednesday the Chancellor’s Autumn Statement said they’d be restricting tax relief from 6th April 2016 for contractors in respect of Travel and Subsistence Expenses. Good news is if you operate through a limited company this doesn’t apply to you if you are also outside the scope of IR35.