1.) Business Rates
From April 1st, the changes after revaluation of the business rates could enter in full. If your business rates have increased, you may be eligible for a temporary reduction. Contact your local authority for assistance.
2.) Changes to appealing business rates
If you believe your business rates have been overvalued, there is now a three-stage process in appealing the increase. To appeal, there is a £150 upfront charge, which is refunded if you are successful with your appeal.
3.) Introduction of the Lifetime ISA
From April 6th, the government introduces a new individual savings account, the Lifetime ISA. There are, however, limitations. Savers need to be under 40, and then they can put up to £4000 pounds a year into the new ISA, and this will be topped up by the government with a 25% bonus.
4.) The National Living Wage
If you are aged 25 and over, the Living Wage increased from the 1st April, to £7.50. For a full list of the increase of National Minimum Wage, look at the government website.
5.) Water Market changes
Businesses in England can now choose which company they want to supply their retail water service. You are no longer tied to a regional water firm, and therefore, may look around for a potentially cheaper service.
6.) New £1 Coin
The 12-sided £1 coin has arrived. Be aware that the old ones can be used up until the 15th October 2017. Thereafter, you will not be able to give out the old pound coins as change. There will be a limited amnesty, where any coins you have will be able to be deposited into your business bank account, after the 16th October. Do check what your bank’s policy will be.
7.) VAT Flat Rate Scheme
There are changes to the tax rates, and eligibility criteria, for some small businesses. Do check with your accountant, as to whether or not changes affect your business.
If you want further advice as to whether or not legislated changes affect your business, or your business practice, appointments can be booked with Salena Dawson, on 01953 883535.