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Ten Facts You Might Not Know About Stamp Duty

There was good news in last week’s Budget for unincorporated businesses trading below the VAT threshold, as the requirement for them to commence quarterly reporting was postponed for 12 months.

Those businesses will now have to start submitting regular updates for the first accounting period that starts on or after 6th April 2019.

Unincorporated businesses with turnover exceeding the VAT threshold (£85,000 from this April) will start a year earlier, and the rules will apply to the first accounting period that starts on or after 6th April 2018.

The self-employed who currently have a year-end of 5th April may therefore wish to consider shortening that slightly to 31st March to delay their quarterly reporting requirements by another year!