We’ve switched our classes to live online. For more Covid-19 updates, click here

Rough guide to the Autumn Statement

Rough guide to the Autumn Statement

Last week's Autumn Statement contained plenty of new announcements that will have a direct impact on the UK accountancy sector. Even so, it is easy to miss the important news lost among the bigger headline grabbers.

For the UK economy, any changes to rules and regulations surrounding taxation and business practises are likely to have long-lasting effects, so here are some of the most noteworthy aspects of the Chancellor's Statement.

The apprenticeship levy

In what some are seeing as an effective increase in employers’ NIC, this new levy will be set at 0.5% of the employer's payroll costs and come into play from 6 April 2017. However, as every employer will get a £15,000 levy allowance similar to the current employment allowance, SMEs should be spared the worst, as only employers with wage bills of over £3 million will be affected.

Intangible assets

If intangible assets are held through partnerships and LLPs that contain a company as a member, a new change in law will see these taxed under the intangible asset rules that apply for companies, as opposed to individuals.

Capital allowances

Excess balancing allowances or charges under the capital allowances rules for the disposal values of plant and machinery are to be adjusted to reflect the payment (in whatever form) actually received for the asset.

More changes

Other changes to look out for are the setting of an additional 3% Stamp Duty Land Tax (SDLT) charge for landlords, proposed quarterly reporting for the self-employed and landlords and the acceleration of tax payment dates.


Other News

ACCA and CIPM of Nigeria sign a collaborative agreement

According to a recent article by The Guardian earlier this month, the Association of Chartered Certified Accountants (ACCA) and the…

AAT achieve KHDA recognition

We are excited to announce that AAT has been officially recognised as an International Certification Organisation by the Knowledge and…

LSBF Professional Qualifications Campus Re-opening from 1 September

We’re excited to announce that from Tuesday 1 September, our doors will be reopening to students, and we have put…

Back to top