- Class 4 NICs to rise to 10% in 2018
- Tax-free dividend allowance reduced from £5k to £2k as from 6th April 2018
- A £435m Government support for businesses facing increases following the business rates revaluation. Due to take effect from April 2017 (England)
- Investment of £16m to trial new 5G technology
- One year deferral on the MTD (Making Tax Digital) for businesses with turnovers below the VAT registration threshold
How business owners reacted to the spring budget
Emma Jones, founder of Enterprise Nation via startups.co.uk
“Once again small businesses and the self employed have proved to be an easy target for the chancellor’s revenue raising initiatives. If there was one over-riding message we were looking for, it was for some reassurance that the Government values our contribution to the economy and is not going to make life even more difficult for those running small businesses or hard-working self-employed individuals while Brexit uncertainty hangs over us like a political smog.
We didn’t get that. In fact we got hammered. Again. It’s as though the government doesn’t understand the risk-reward ratio entrepreneurs need as an incentive to plough on through more and more red tape and an already considerable tax burden.
Corporation tax reduction will massively benefit big business. Meanwhile the small business has to make do with less rewards for their hard work through the increase in dividend tax. Far from making Britain the best place to start and grow a business, this has made it harder and less rewarding.”
If you are a small business owner, this article on startups.co.uk is quick concise snapshot of what you need to know. We also think this article from the guardian is a brilliant way to show what the spring budget 2017 means for everyone; single, married, with or without children and for those that are retired.