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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:
MPs have warned that some people who pay into a Lifetime ISA might get less out than they put in.
A Freedom of Information (FOI) request has revealed that high earners in the UK are facing a significant rise in tax investigations by HMRC as a result of a record-breaking amount raised by compliance revenue.
The Windsor Framework is creating severe disruption for small businesses and fracturing the UK Internal Market, warns the Federation of Small Businesses (FSB).