Spring Budget highlights

  • Business rates – SMEs, local authorities and pubs get some relief.  There will also be a consultation on business rates reform before the next review (in 2022).
  • NI up for Self Employed.  The main rate of Class 4 National Insurance contributions for the self-employed to increase from 9% to 10% in April 2018 and 11% in April 2019
  • Personal tax-free allowance up as predicted.  The allowance is £11,500 this year, moving to £12,500 by 2020.
  • An unexpected Dividend tax hit.  The tax-free allowance on share dividends will reduce from £5,000 to £2,000 in April 2018
  • UK’s growth and employment. The UK was confirmed to be the second-fastest growing economy in the G7 nations in 2016.  The UK’s growth forecast this year was increased from 1.4% to 2%. Inflation was predicted to rise from 2.3% to 2.4% in 2017/18 and then subsequently fall to a sustainable 2.0% level.  An additional 650,000 people were expected to be in employment by 2021.

 

 

 

For a more in depth review please go to http://www.bbc.co.uk/news/uk-politics-39203784.

 

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