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Budget March 2017

March 9th, 2017

There wasn’t a huge amount to cause excitement this time round as a lot of measures had already been reported. The only new accouncements of note are:

  1. The cut in the dividend tax free allowance from £5k per annum to £2k per annum from April 2018. This comes on top of starting to tax dividends below the basic rate band which has already hit company shareholders running their own companies hard.
  2. The increase in the VAT registration threshold to £85k.
  3. The increase in Class 4 National Insurance which will hit the self employed and partners from April 2018 (not directors of limited companies, just sole traders and partners in partnerships).
  4. The delay in Making Tax Digital for businesses below the VAT registration threshold (£83k currently) from April 2018 to April 2019. All businesses will need to report trading activity to HMRC quarterly online by April 2018 unless they fall within this band or have turnover of less than £10k per annum.

Should you wish to discuss any of the above points, please do not hesitate to contact us.

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