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7 Things Businesses Should Know About The Spring Budget 2017

March 9, 2017

 

Here is a video that breaks down 7 things that businesses should know about the spring budget 2017. 

 

 

 

 

 

Key updates from the spring budget extended:

  • The OBR has upgraded the forecast for growth this year from 1.4% to 2%

  • Growth forecast for 2018 revised down from 1.7% to 1.6%

  • Unemployment has fallen fastest in Yorkshire and Wales

  • From April 2017 Corporation tax will fall to 19%, which is the lowest rate in the G20. In 2020 it will fall again to 17%

  • There will be a reduction in the administrative burdens around R&D tax credit relief

  • For businesses below the VAT threshold, quarterly reporting for small businesses will be delayed until 2018

  • Any business coming out of small business rate relief will benefit from a cap – no business coming out from rate relief will see their rates increase by more than £50 a month for the first year

  • A £1,000 discount on business rate bills for 90% of England’s pubs

  • Local authorities to benefit from a £300m fund to help address business rates hardship

  • All measures above will see a £435m cut in business rates in total

  • National insurance for the self-employed will increase 1% to 10% in 2018

  • From April 2018, the tax-free dividend allowance will be reduced from £5,000 to £2,000

  • The National Living Wage will rise to £7.50 in April

  • Personal allowance rate will rise for the seventh year to £11,500, and the higher rate threshold to £45,000

  • £6bn a year to be committed to childcare – tax-free childcare to rise to 30 hours a week

  • £300m allocated to support the brightest research talent in STEM and technology

  • £90m to the North and £20m to the Midlands to invest in infrastructure

  • £200m allocated to the Welsh government, £350 to the Scottish government, and £120 for the incoming Northern Irish Executive.

  • New T-levels to be introduced, providing qualifications for technical education

  • 3m new apprenticeships to be supported by 2020

 

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