What does the new budget mean for you and your business?
So, with Philip Hammond announcing the new budget this week, we wanted to highlight a few main points that may affect our clients….
Class 4 National Insurance, for the Self Employed, is set to rise to 10% in 2018, and then to 11% by 2019 ~ this is for those with earnings in the basic rate band, National Insurance for those in the higher rate tax band will remain at 2%
Dividend Tax has changed, reducing the Tax free amount that can be taken as a Dividend from £5,000 to £2,000, from April 2018
The Digital Tax plans have been postponed for another year, meaning yearly Tax Returns are still required
Finally, the Personal Allowance is set to rise, up to £11,500 for 2017/18, and then again to £12,500 by 2020
We wish it was better news for business owners, however if you would like to go through what the new budget me
ans for you, please call Kayleigh on 07525 421 454