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News - Autumn Statement 2016

 

 

Income Tax

The personal allowance (£11000 in 2016/17) will increase to £11500 in 2017/18.  Higher rate tax threshold is to be increased to £50000 by the end of this parliament.


National Insurance


Employer and employee National Insurance thresholds to be equalised at £157 per week from 6 April 2017.

 

VAT

The standard rate will remain at 20%.  The turnover threshold for VAT registration is £83000 and the threshold for VAT registered businesses wishing to cancel their registration is £81000.  It is aniticpated that these will increase in 2018 but no announcement has been made yet.



Corporation Tax


The Corporation Tax rate (20% in 2016/17) will fall to 19% in 2017/18, 18% in 2019/20 and 17% in 2020/21.