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There are number of areas in the Autumn Budget that will impact on the retail sector.
The reduction in the VAT registration threshold which had been suggested prior to the budget was avoided, at least for now, with the threshold frozen at £85,000 for the next two years whilst the government consults on the matter.
Making Tax Digital is edging closer and from April 2019, businesses trading above the VAT registration threshold will need to report their VAT information through this system.
The Chancellor announced further measures aimed at reducing the impact of increases in Business rates including:
There was also the announcement that the national living wage will increase to £7.83 from April 2018, giving an estimated £600 increase in salary for the lowest paid individuals, but creating an additional cost for businesses, especially when the additional employers National Insurance and pension costs are taken into account.
For more information or advice about how the Budget impacts on retail, please get in touch.Contact Us
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