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Budget 8 March 2017
BRIEF HIGHLIGHTS OF TAX CHANGES:
> Personal income tax allowance for 17/18 to be £11,500.
> Higher rate tax threshold for 2017/18 up by £2,000 to £45,000.
> National Insurance for the self employed increased. Class 4 NI up 1% to 10% from 1/4/18 & up 1% to 11% from 1/4/19.
> Vat threshold increased to £85,000 from 1/4/17 and de-
> Dividend allowance reduced from £5,000 to £2,000 from 1/4/18.
> Quarterly business records reporting delayed by one year for landlords and unincorporated businesses below the VAT threshold.
> Tobacco (from 6pm 8 March 2017) and alcohol (from 13 March 2017) duties are left as set in the previous budget, except minimum cigarette pack price excise tax introduced.
> Business rates measures to help small businesses involving capping the effect of new revaluations, a discretionary fund of £300M to be available for Councils to allocate relief in exceptional circumstances and discounts for most pubs.
> Childcare funding for working families improved from September 2017.
> NS&I 3 year bonds up to £3,000 available in 2017/18 to everyone over 16 to pay interest at 2.2%.
> Vehicle excise duty to rise by inflation from 01/04/2017.
|Budget March 2016|
|Budget Mar 2017|
|Budget Nov 2016|
|Employee Mileage Claims|
|Travel Expenses Art|
|Building Trades - Employment Status|