Personal allowance to rise to 11,500 from April 2017. This means that we all would have around £112 per year more in our pocket compared to 2016/17 along with this, the higher tax bracket will rise from £43,000 to £45,000 in April 2017.
Grants received by CICs and other social enterprises are not automatically treated as tax free or exempt. It is essential to establish the nature of the grant for corporation tax and VAT purpose.
It is time to think of the annual accounting process from a different perspective – see it as an opportunity to report on much more and to differentiate yourselves from your competitors.
The law on workplace pensions has changed. Every employer with at least one member of staff now has new duties, including putting those who meet certain criteria into a workplace pension scheme and contributing towards it.