Accountancy Highlights

Reducing Your Marginal Rate of Tax

Umbrella Vs Limited Company set-up

Treasury to clamp down on stamp duty avoidance

Growth in the market for contractors in the UK

Proposal to merge PAYE and National Insurance

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2017 Autumn Budget Highlights

Treasury Chancellor Philip Hammond has announced his 2017 Autumn Budget. Here is the summary of the key changes in the Budget:


Personal Allowance will rise from £11,300 to £11,850 in 2018/19. This is forecast to reach £12,500 by 2020.

Higher rate Threshold will increase from £45,000 to £46,350 from 6 April 2018.

The National Living Wage will increase in April 2018 from £7.50 an hour to £7.83 for the over 25’s.

From 6 April 2018, the tax free allowance on dividends will be reduced from £5,000 to £2,000.

The annual exemption for capital gains tax will increase from £11,300 to £11,700 from 6 April 2018.

Stamp Duty will be abolished for first time buyers for their first £300,000 spent on properties up to £500,000.

The inheritance tax threshold will remain at £325,000 together with the additional residence nil rate band of £100,000.


In summary, there are no major surprises in the Budget. Overall, the budget provided some favourable changes for small businesses. Contractors and self employed will continue to be impacted by higher tax rates following the change in taxation of dividends last year and the tightening of IR35 tax rules in the public sector. Landlords continue to be worse off.

A more detailed analysis of the Budget will follow. Please monitor the website for updates. Belsize Accountancy are specialist accountants for contractors and small businesses.


UK Companies to Prepare for GDPR

UK companies are required to prepare for the new General Data Protection Regulation (GDPR) rules which will come into force by 25 May 2018. Non compliance with the new rules will have significant financial impact and should not be taken lightly. If your company has not begun to prepare for GDPR, you will be advised to take action right away. The scope and depth of the changes required to meet the new regulations is likely to be complex for a number of businesses, particularly in the Technology industry.

The dedadline is tight. Contractors with a project management or business analysis background should look out for significant opportunities arising from GDPR.


Banks to Provide Open Access to Customer Data from 2018

From 1 January 2018 banks will be required to open access to customer data to third parties through their application program interfaces (API’s) under new EU regulations.  The open banking initiative under the second payment services directive (PSD2) will generate a market for account aggregators and will encourage innovation in the marketplace. IT contractors can expect significant opportunities in the banking sector in 2018.

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