Spring 2016 Budget
A summary of the Spring 2016 Budget detailing the changes to tax allowances, tax rates and thresholds for you to review.
The points that we would like to bring to the attention of the Self-Employed are:
- From 6 April 2017 there will be an allowance of £1,000 for people earning relatively small amounts from occasional jobs.
- From 6 April 2018, class 2 NIC will be abolished although it is likely that the class 4 NIC will be increased to compensate.
- The VAT threshold will rise to £83,000 from 1 April 2016.
- Business rates with a rateable value of £12,000 or less will qualify for 100% small business rate relied for 2016/17.
2016/17 Tax Cards
We also have our new tax cards in the office, if you wish to come in and collect one for your own use.