Last week saw Philip Hammond deliver his first Spring Budget as Chancellor. There were a few shock announcements on the day, one being the dividends allowance now reduced to just £2,000 from next year prompting some in-year tax planning for our limited company clients.
After a heavy backlash from his opposition about tax rises, the chancellor has now abolished his plans to raise the Class 4 National Insurance from April 2018 one week after delivering his budget bringing a sigh of relief to many self-employed people.
The changes proposed where the contractors IR35 status will be decided by the public body they are contracted with is still going ahead beginning from April 2017.
If you have any questions regarding any topics covered in the Budget or would like any advice, please give us a call on 0845 303 1144 or email email@example.com.
Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published.