Budget 2017

Budget 2017

The main points of the budget this week affecting the small business were :

• Class 4 National Insurance, a tax on the self employed profits, is rising from 9% to 10% in April 2018 and from 10% to 11% in April 2019. But the fixed class 2 contributions for the self employed is being scrapped from April 2018
• The Personal tax allowance is rising to £11,500 from this April
• The tax free dividend allowance is falling from £5,000 to £2,000 from April 2018
• Firms losing their small business rate relief will find their new rates bill capped at £50 per month
• Pubs with a rateable value of less than £100,000 will receive a £1,000 discount off their new rates bill
• Beer will increase by 2p per pint from this April
• Fuel duty is frozen