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Autumn Statement key point

The key points from the Chancellors Autumn statement which affect small businesses, Personal Service Companies and buy to let property owners are as follows:

An additional 3% stamp duty is being imposed on the purchase of second homes, including buy to let properties. This will mean, stamp duty rising from £500 to £3,800 on the purchase of a £150,000 property. This is the second recent significant change for buy to let owners, as tax relief on mortgage interest was significantly curtailed in the last budget.

The new digital tax accounts, when they are introduced, will impose a significant additional burden on self employed and other similar tax payers, in that they will need to submit information to HM Revenue and Customs on a quarterly basis.

State pension for those retiring after March 2016 will be approx £8,094, provided that the pensioner has at least 35 years of National Insurance Contributions.

The Chancellor has restricted the application of the new tax relief on travel expenses rules from April 2016. These rules prevent the claiming of tax relief on travel costs, where the 'Worker' is under the control and supervision of the end user. In the Autumn Statement, the Chancellor stated that the rules will not apply to Personal Service Companies, unless those companies are covered by the IR35 rules.

It was also announced that a review of the IR35 rules is planned at some stage in the future, with a view to tightening them up.

 

Read 974 times Last modified on Friday, 27 November 2015 12:47
Tony Shackleford
Tony Shackleford

Chartered Accountant offering support to Limited companies and the self employed.

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