Yesterday Philip Hammond delivered the last Spring Budget as we know it, in what was quite a jovial and relaxed manner. Hammond set out a brighter outlook for the economy in his budget but was forced to concede that economic growth would slow next year mainly due to the Brexit negotiations.
To help explain the impact of the announcements, here’s your spring budget review explaining how this may affect your business and personal tax position.
At a glance, the main rate of National Insurance Contributions for the self-employed will increase, whilst the tax-free dividend allowance will be reduced from £5,000 to £2,000 from April 2018.
If you do have any queries and would like to talk any of them through in more detail, please do get in touch with Michael Burgess on 01782 279615.