3 Things. Prepare for the year ahead.
Are you prepared for the new tax year? There are some important changes that could affect you going forward.
1. The new personal allowance is £12,500. This is quite a jump compared to previous years, however from 2020 onward it will only increase in line with inflation.
2. Workplace pension contributions increase for both the employer and the employee. Make sure you have factored this in to your business budgets as it can make a big difference for small business employers.
3. Making Tax Digital is now LIVE! For all VAT-registered businesses with a turnover exceeding £85,000, VAT-compliant software is now required to submit your VAT Returns.