Chancellor Rishi Sunak has delivered his first budget. Here are a few points from the recent budget:
Let’s start with the bad news… the entrepreneurs relief upper limit ,of £10 million, has been reduced down to just £1 million.
This means that only the first £1 million of eligible business sales, will qualify for the reduced 10% tax bracket.
Now to the good…
Tax and NI brackets
The threshold for employee’s national insurance contributions, will rise from £8,632 to £9,500 per year, from 6th April 2020.
The employer’s national insurance will rise from £8,632 to £8,788.
The rates of national insurance remain unchanged.
The tax brackets remain the same, with a £12,500 personal allowance and £50,000 higher rate band.
VAT on digital publications, newspapers, e-books and women’s sanitary products has been scrapped.
There are also a number of subsidies and flood defence investments to improve the environment.