With the implementation of the national living wage, the new apprenticeship levy, the continuing roll-out of auto enrolment and general sense of economic malaise, businesses were starting to feel a little put upon by the government.
Enter the Chancellor then, who delivered what he called “a Budget that backs small businesses”. In addition to cutting the corporation tax rate to 17% in 2020, he announced a business rates overhaul and a CGT cut that allows entrepreneurs to keep more of their gains.
Business tax summary from Budget 2016Here is a brief summary of the highlights. Follow the links for more details:
- Corporation tax
- Business rates reform
- Business tax roadmap
- Capital gains tax
- Entrepreneur's relief
- BEPS introduction
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About Tom Herbert
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