Autumn Statement 2016

[Behemoth]

Eric Mc said:

Nothing will change until 5 April 2017 at the earliest.

The Autumn Statement is not a Budget (although some Chancellors had seemed to forget this).

From Autumn 2017, it is the Budget. It will now be the Spring Statement that isn't a Budget. Either this Statement isn't a Budget or we have 18 months without a Budget.

Did I get that right?

[richardxjr]

Corp tax rate cut from when? That's got to be good news for investment.

[SplatSpeed]

richardxjr said:

Justayellowbadge said:

Welshbeef said:

It's gone from April you'll be no different to a cash employee

Merde. Don't make anything on it rrally but the admin reduction is a boon.

I do. What's the detail, going completely?

ETA detail here https://www.gov.uk/government/publications/tacklin...

Edited by richardxjr on Wednesday 23 November 14:52

16.5% * 120% = 19.8%

this scheme saves 0.2% of gross turnover without vat

so not fking worth it you thieving bds!!

so the flat rate scheme is 19.8% of 20% or 1% of the vat you collect!!

so the cross over point from traditional vat to flat rate is 5% expenses of turnover

so if pre vat turnover is 100K and vat expenses pre vat are 1K this is the crossover point.

200 quid!

1% expenses are fk all!!

Edited by SplatSpeed on Wednesday 23 November 15:18

[PurpleMoonlight]

richardxjr said:

Corp tax rate cut from when? That's got to be good news for investment.

19% from 04/17

17% from 04/20

Old news though. Just confirmed.

[Eric Mc]

Behemoth said:

From Autumn 2017, it is the Budget. It will now be the Spring Statement that isn't a Budget. Either this Statement isn't a Budget or we have 18 months without a Budget.

Did I get that right?

Correct. From Autumn 2017 the official Budget will be in November with nothing in the Spring.

And quite right too. In the tax year 2015/16 we actually had the equivalent of FOUR Budgets - Spring 2015, Emergency Budget July 2015, Autumn Statement/Budget November 2015 and the Spring Budget 2016.

It was appalling trying to keep up with all that.

[Eric Mc]

Nothing at all about Making Tax Digital - which indicates to me that they are still processing the massive response they got to the consultation document they issued in August.

Maybe the response was not as welcoming as they thought.

[richardxjr]

Splatspeed, it's ok, as on the NP&E thread you just have to spend 2% of t/o on stock and get rid of it somehow as part of your business.

So even more fking work! BONKERS.

[Hainey]

Eric Mc said:

Nothing at all about Making Tax Digital - which indicates to me that they are still processing the massive response they got to the consultation document they issued in August.

Maybe the response was not as welcoming as they thought.

I'm embarrassed to say I hadn't heard of it until you mentioned it. I'm an MD, so I damn well should have known. Pretty embarrassing indeed.

[Eric Mc]

Not your fault. HMRC have been very keen NOT to make a song and dance about it - which is pretty disgraceful behaviour on their part.

[Shaoxter]

richardxjr said:

Justayellowbadge said:

Welshbeef said:

It's gone from April you'll be no different to a cash employee

Merde. Don't make anything on it rrally but the admin reduction is a boon.

I do. What's the detail, going completely?

ETA detail here https://www.gov.uk/government/publications/tacklin...

Edited by richardxjr on Wednesday 23 November 14:52

That's another 4% of my income robbed

[drainbrain]

Eric Mc said:

Not your fault. HMRC have been very keen NOT to make a song and dance about it - which is pretty disgraceful behaviour on their part.

Apart from being an old duffer who can't understand techno what's your beef with it? As far as I'm aware HMRC is was and always will be havoc, so what's the issue if they make it fully electro-havoc? It'll save having to actually talk to the ttts.

[13m]

Letting agents banned from charging up-front fees.

Presumably they will now be added to the rent one way or another.

[paulrockliffe]

SplatSpeed said:

16.5% * 120% = 19.8%

this scheme saves 0.2% of gross turnover without vat

so not fking worth it you thieving bds!!

so the flat rate scheme is 19.8% of 20% or 1% of the vat you collect!!

so the cross over point from traditional vat to flat rate is 5% expenses of turnover

so if pre vat turnover is 100K and vat expenses pre vat are 1K this is the crossover point.

200 quid!

1% expenses are fk all!!

Edited by SplatSpeed on Wednesday 23 November 15:18

You should read up on what the scheme is, you haven't understood what is for at all.

[Eric Mc]

drainbrain said:

Eric Mc said:

Not your fault. HMRC have been very keen NOT to make a song and dance about it - which is pretty disgraceful behaviour on their part.

Apart from being an old duffer who can't understand techno what's your beef with it? As far as I'm aware HMRC is was and always will be havoc, so what's the issue if they make it fully electro-havoc? It'll save having to actually talk to the ttts.

You will be effectively supplying them with the entire contents of your accounting system - every single transaction and every document - including sensitive commercial stuff. If the document exists in paper form, you will need to scan or photograph it for submission (including such items as petrol vouchers, bus tickets, taxi tickets, train tickets, fast food vouchers etc etc)

You will be supplying all the information electronically by a deadline four times a years and be subject to penalties and fines if you are late.

You will be expected to supply this information in a proper state i.e. that complies with both standard recognised accounting practice and tax regulations.

Effectively, HMRC are going to be asking traders (and landlords) to supply information that they can currently only obtain now if they launch a full blown tax investigation.

If you have two activities (e.g - trading AND a buy to let), you need to submit separate quarterly returns for each.

You will have to buy software that is compatible with HMRC's systems (which don't exist yet).

For many traders, especially the smaller ones, it will mean they will have to spend a lot more time satisfying the requirements of HMRC rather than improving their actual businesses.

[MWM3]

13m said:

Letting agents banned from charging up-front fees.

Presumably they will now be added to the rent one way or another.

A very short sighted 'crowd pleaser', it will end up costing Tenants more in the long run.

[13m]

MWM3 said:

13m said:

Letting agents banned from charging up-front fees.

Presumably they will now be added to the rent one way or another.

A very short sighted 'crowd pleaser', it will end up costing Tenants more in the long run.

Of course it will. This government should stop interfering with things on a whim when they apparently haven't got the slightest idea what they are doing.

[Behemoth]

Eric Mc said:

Correct. From Autumn 2017 the official Budget will be in November with nothing in the Spring.

And quite right too. In the tax year 2015/16 we actually had the equivalent of FOUR Budgets - Spring 2015, Emergency Budget July 2015, Autumn Statement/Budget November 2015 and the Spring Budget 2016.

It was appalling trying to keep up with all that.

I just heard that 2017 will have two budgets, one in the spring and then the new autumn one. Sounds like an opportunity to introduce lots more changes. You'll have to be appalled for another year, yet

[markh1973]

Eric Mc said:

You will be effectively supplying them with the entire contents of your accounting system - every single transaction and every document - including sensitive commercial stuff. If the document exists in paper form, you will need to scan or photograph it for submission (including such items as petrol vouchers, bus tickets, taxi tickets, train tickets, fast food vouchers etc etc)

You will be supplying all the information electronically by a deadline four times a years and be subject to penalties and fines if you are late.

You will be expected to supply this information in a proper state i.e. that complies with both standard recognised accounting practice and tax regulations.

Effectively, HMRC are going to be asking traders (and landlords) to supply information that they can currently only obtain now if they launch a full blown tax investigation.

If you have two activities (e.g - trading AND a buy to let), you need to submit separate quarterly returns for each.

You will have to buy software that is compatible with HMRC's systems (which don't exist yet).

For many traders, especially the smaller ones, it will mean they will have to spend a lot more time satisfying the requirements of HMRC rather than improving their actual businesses.

The whole thing is a complete disaster being pushed through.

I deal with investment partnerships which don't finalise their allocations for months post the end of the tax year. HMRC have been told any quarterly numbers will be complete bks but they don't seem to care.

On top of that there is a condoc on partnership taxation where in a meeting one of the HMRC reps asked what an investment partnership was.

[paul789]

Behemoth said:

Eric Mc said:

Correct. From Autumn 2017 the official Budget will be in November with nothing in the Spring.

And quite right too. In the tax year 2015/16 we actually had the equivalent of FOUR Budgets - Spring 2015, Emergency Budget July 2015, Autumn Statement/Budget November 2015 and the Spring Budget 2016.

It was appalling trying to keep up with all that.

I just heard that 2017 will have two budgets, one in the spring and then the new autumn one. Sounds like an opportunity to introduce lots more changes. You'll have to be appalled for another year, yet

And we of course had two budgets just last year! C&nts.

[NickCQ]

MWM3 said:

13m said:

Letting agents banned from charging up-front fees.

Presumably they will now be added to the rent one way or another.

A very short sighted 'crowd pleaser', it will end up costing Tenants more in the long run.

I'm not sure how that would be the case. I think presenting one number to the tenant (i.e. the monthly rent) will make comparisons between properties on total cost of occupation much simpler and allow the market to price more efficiently. I reckon there will be a squeeze on letting agent revenues and that the benefit of this will be shared between landlords and tenants. At the moment you have a total divorce between the interests of the party choosing the letting agent (i.e. the landlord) and the party paying the bulk of the fees (the tenant) combined with an information asymmetry. Moreover, it reduces the scope for fees on services priced way above marginal cost (i.e. renewals and name changes) as any landlord presented with unreasonable fees could tell them to bugger off and get a new agent, which the tenant can't do.

They have tried this approach in Scotland; I would be interested to see any research on what happened to the total cost of renting (stripping out market growth).