Flat Rate Scheme Changes 2017

Now that the mad rush is over for another year we can all take time to reflect on what has been a successful period not just for Steedman & Company, but also for Edinburgh as a whole.

As we have grown as a business throughout the year we have seen great things happening across the Capital. From record numbers at the city’s numerous festivals to the continued expansion of the Edinburgh Tram networks.

However, 2016 was also a year of great change with events such as Indyref and the EU Referendum causing uncertainty for those on both sides of the argument.

In the field of accountancy and tax, many changes have occurred that are going to affect all forms of business over the coming twelve months and beyond – putting pressure on tax payers and businesses like never before.

Key changes coming up in 2017 that you and your business need to look out for include:

• The implementation of Making Tax Digital (MTD) by HMRC.
• The introduction of FRS 102 and FRS 105, which will replace traditional financial statements with new formats.
• Changes to the VAT Flat Rate Scheme changes 2017.
• Changes to Tax thresholds.

The changes to come are certainly daunting, even for those who have experienced the joys of Tax and Accountancy. However, we can help you overcome these barriers with a personalised approach to suit your circumstances.

For a free consultation, call 0131 556 8595 or visit our Howe Street offices in New Town. Our team is here to help.