Making Tax Digital has been removed from the Finance Bill 2017, as well as a majority of other tax measures such as corporate loss relief and the money purchase annual allowance for pensions.
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There are signs that the two committees scrutinising HMRC proposals for Making Tax Digital are planning to work together to push for more changes and a slower implementation of the current plans.
The Chancellor Philip Hammond has delayed the introduction of Making Tax Digital for those under the latest £85,000 VAT threshold approach.
Those who run limited companies – will be affected by a reduction in the tax-free dividend allowance for shareholders from £5,000 to £2,000 from April 2018. Again, this is a measure by the Chancellor to make the tax system more ‘fair’ for the … Read More…
The Chancellor announced changes to NICs. He stood by the plan of his predecessor, George Osborne, to abolish Class 2 National Insurance from April 2018. But once this happens, Class 4 NICs will rise by 1% to 10%.