2017 Budget

Philip Hammond recently delivered his second Budget  as chancellor. Here are some of the key points of his speech :

Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000.

Tobacco will continue to rise by 2% above Retail Price Index (RPI) inflation, equivalent to 28p on a pack of 20, while the minimum excise duty on cigarettes introduced in March will also rise. Duty on hand-rolling tobacco will increase by additional 1%.

Duty on beer, wine, spirits and most ciders will be frozen, equating to 1p off a pint of beer and 6p of a typical bottle of wine. However, duty on high-strength “white ciders” to be increased in 2019 via new legislation.

Fuel duty rise for petrol and diesel cars scheduled for A...

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Making Tax Digital

Making Tax Digital (MTD) is part of the government’s plan to make it easier for businesses to stay on top of their day-to-day accounts. HMRC wants to be one of the most digitally advanced tax administrations in the world – improving efficiency, effectiveness and ease of compliance. The plans signal a major change for and the end of paper accounting for millions across Britain.

So what does all this mean in simple terms? Firstly, communications with HMRC will become automated, making it crucial to maintain up-to-date accounts. Secondly, tax summaries will need to be submitted at least quarterly through software, so that HMRC have an accurate view of accounts.

Sounds complicated, so here at DL Accounts we’re committed to making the transition painless and stress free for every client. We’re getting prepared right now, and making sure that all our clie...

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