A new term has been invented by the government to reflect the central role of businesses in the Making Tax Digital project – Making Tax Digital for Business – and a new acronym – MTDfB. There are different start dates for businesses however. Unincorporated businesses, including landlords, will be the first to see significant changes in their recording and submission of business transactions.
Monthly Archives: May 2017
We are used to most tax changes being made from April each year but one tax – Insurance Premium Tax (IPT) – is an exception. The standard rate of IPT is to rise from 10% to 12% with effect from 1 June 2017. The latest increase will mean that the rate of IPT will have doubled in just over 18 months. It was only 6% in October 2015.