Although little was announced in the autumn statement in relation to tax, there are some worth noting.

Tax Credits

For self-employed, the government have declared a revert on the previously announced tax credits cuts. This is worth noting in particular those who have been considering not renewing their claims.

Tax-free Childcare

This applies to employed or self-employed parents whose employer doesn’t provide support for childcare costs. The government have announced a new tax-free childcare scheme which will be introduced from April 2017. The requirements have changed too. To be allegeable, either parent must earn more than £150,000 whilst the changes mean that either parents must earn more than £100,000. Furthermore, previously, both parents were required to work a minimum of 8 hours per week, whilst with the changes, this will be 16 hours per week meaning voluntary work will no longer count.

Loans

Previously to the changes, a close company making loans to participators were liable to a 25% tax charge as long as they stand outstanding. Now, an expectation has been introduced which means the company does not need to pay this charge on the occasion that the loan is used completely for charitable purposes.

Property Taxes

In 2016, those who are selling residential property not eligible for private residence relief will be required to pay on account of any tax within 30 days of sale. This will be called SDLT, stamp duty land tax but this will not kick in until 2019.

Reporting

As part of the move towards digital tax, it has been announced that the majority of self-employed people, business and landlords will be obliged to begin reporting results at least quarterly to HMRC.  With this change, there may be a change in tax payment dates to relate more closely to when profits are earned.