How will the new tax year changes affect you?

The new tax year (which began on Friday, April 6) brings with it changes that will affect beauty businesses.

Meanwhile the VAT threshold has been frozen at £85,000 until 2020, a move welcomed by small business associations. Mike Cherry, national chairman of the Federation of Small Businesses said: “It was good to see the Chancellor respond directly to our calls for a VAT threshold freeze in the autumn. VAT is the most time-consuming tax for our members to manage, with registered small firms spending a working week every year complying with VAT obligations on average.

“There is an issue with firms approaching the £85,000 threshold and putting the brakes on. Resolving that lies in a smoothing mechanism though, not in suddenly dragging more firms into the burdensome VAT regime.”

New National Living Wage and National Minimum Wage rates were also introduced on April 1. These are now:

Read more about these changes here.