A summary of the main tax and business measures revealed in Chancellor Philip Hammond’s Spring Budget 2017.
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Business and finance journalist
Great! Thanks Robert. Clipped to my Evernote.
Overall I like the Budget, no real changes, okay Self Employed NI is going up, and the dividend band is going down (its going to be great explaining that to clients, bearing in mind owners of Companies have yet to pay tax on dividends over £5,000).
Now here's the thing, what have not we been told, you know those tax hikes that come out of the blue, leaving you thinking, was that in the budget.
What have we not been told? - the fact that a tax free dividend allowance will disappear completely in 2020 or reduced to a bare minimum of around £100
Currently Class 4 NIC contributions do not provide entitlement to contributory benefits. As Class 2 NIC contributions are being abolished and Class 4 NIC contributions are being brought in line with Employees contribution rates when is it expected that the self employed will be able to claim these benefits - State pension , SSP , SMP, unemployment benefit, etc
When they start paying employers NI as well as employees.
SSP recovery was abolished in 2014, it is the employers that have to bear this cost..............so if that was "brought in line" the self employed would just have to pay themselves sick pay..................
Thanks for the summary.
Biggest disappointment for me was no change to Section 24, so now we have to start raising rents to compensate for the additional tax charges from April.
Lots of ill-informed comments over on the BBC site about the self employed with the employed not taking into account the many pressures and dangers the self employed take.
Just take a day off, and you'll see the difference!
Risks and benefits of self-employment should be paid by clients, not by the state.
NI is a tax and should be merged with IT. But nobody will grasp the nettle.
It's his pasty tax moment. The HMRC Numpty Depatment's daft ideas damage another Chancellor!
It's not about tax, it's about politics. When a measure which raises minimal revenue is dominating the headlines the day after Budget Day, and your own side is threatening to vote it down, you've mucked up your Budget end of story.
Just heard our Prime Minister say that "the self-employed are reducing the tax income and the amendments to NIC go some way to remedy this".
So, the government would obviously prefer everyone to be employees but, you clots, where will the jobs come from?