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Highlighting VAT, Stamp Duty Land Tax and simplification measures.
After many years of having been frozen, the government will increase the VAT registration threshold from £85,000 to £90,000 and the deregistration threshold from £83,000 to £88,000 from 1 April 2024. The government has stated that these new thresholds will be frozen but has not stated for how long.
A number of changes are made to the Stamp Duty Land Tax (SDLT) regime. These include the following:
The government has announced a package of measures that supports its ambition to simplify and modernise the tax system, which includes the following:
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20 May 2025
Almost half of UK sole traders feel unprepared for upcoming Making Tax Digital for Income Tax (MTD) for Income Tax changes, according to research conducted by IRIS Software.
It is clear to see that cloud accounting is the way forward: its ease of use, accessibility and cost effectiveness ensures that it remains a popular choice for many businesses.