Budget 2017

March 10th, 2017  |  Published in Uncategorized

You really believed them when they said Tax and NIC wouldn’t go up in this government? Ha! But then they didn’t think they’d get in either, which is why we now get an NIC rise for the self employed, to 9% in 2017/18 and 10% the year after. After a fuss was made, they have temporarily kicked the legislation into the long grass, hoping we will forget about it when we vote in May’s local elections.

Of course we still don’t get sick pay, holiday pay etc, and try and claim Jobseekers’ Allowance when you have no work, they’ll laugh at you! That’s why we pay less NI than PAYE workers do.

For the Limited Companies, you will get 1% off the small companies Corporation Tax rate in 2018, but will get hit with personal tax on all but £2,000 on your dividends, up from £5,000 tax free this year. This is paid from money that you have already paid Corporation Tax on, of course.

You may have heard stories about Make Tax Digital – apparently you will wave your smartphone at your receipts and it will produce figures for HMRC  4 times a year using new magic software that doesn’t exist yet. I’m sure they want to eventually have you pay them 4 times a year too, otherwise what would be the point?

No surprise to find its been put back another year, unless you are over the VAT threshold when it will start in 2018. Or not.

 

 

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