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The new Chancellor of the Exchequer, Philip Hammond, has delivered his first Autumn Statement today.
In a significant change to small businesses, from April 2017, a new VAT Flat Rate of 16.5% will be introduced for businesses with limited costs, such as labour-only businesses. As the Flat Rate applied to the gross invoice amount, this equates to 19.8% of the net leaving just 0.2% for the business.
A provision is already in place to treat any invoice raised between today and 1st April 2017 for a service to be performed on or after 1st April 2017 as taking place on 1st April 2017. In other words, there is no opportunity to invoice in advance to keep the benefit of the current rate.
Other highlights were:
Our detailed review of the Autumn Statement will be published tomorrow. In the meantime, if you would like to discuss how the Autumn Statement will affect you, please email us at tax@cooperfaure.co.uk.
There is still time to register here for our Impact of the Autumn Statement webinar running on Monday 28th November at 1pm.
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