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#1 20-11-17 06:49:22

Triplea35
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Registered: 28-09-12
Posts: 508

Budget 2017 Wednesday 22nd November.

It will be interesting to see what Mr Hammond announces in the Autumn Budget.

He had to back down in the Spring when he intially announced a hike in National Insurance contributions for the self employed, but received such a backlash as it went against the pledges of the  Tory Manifesto.

It is now specualted that the VAT threshold will be significantly lowered, from £85k to £45k or even as low as £20k.

If your income exceeds the tax threshold, you will need to register to pay VAT, and charge/pay VAT on all income. You can offset your VAT liability by claiming VAT back on expenditure but this will be a lot less than your liability on income.

Depending where the threshold is set we may have some instructors charging VAT whilst others will keep below the threshold.

Interesting to see what happens. I for one, am reluctant to go the VAT route, with increased administration, so may be the trigger to go part time which I have been promising the significant other for some time!

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20-11-17 06:49:22

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Re: Budget 2017 Wednesday 22nd November.



#2 21-11-17 20:32:03

Mentor
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Registered: 22-10-05
Posts: 387

Re: Budget 2017 Wednesday 22nd November.

I forecast that my turnover will be £19,975 if they make a 20K threshold for VAT. Just possible at 15 hours a week for 50 weeks work. I'm more concerned at the price of diesel which seems to be going up a penny a week at the moment. Would not put it past Hammond to increase fuel duty.

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#3 22-11-17 13:22:56

Triplea35
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Registered: 28-09-12
Posts: 508

Re: Budget 2017 Wednesday 22nd November.

Phew! No increase on fuel duty and no reduction in VAT threshold for at least 2 years.

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