BUDGET 2017: Rates softening for small jewellery retailers from £300m fund
- Author: Lila Blake Mar 11, 2017,
Mar 11, 2017, 0:35
Hammond announced in the Budget that the government would be consulting on improving rights for self-employed workers.
Philip Hammond is set to deliver the UK's Spring budget today at 12:30 pm where it is expected that a number of changes will announced. There will, however, be a second budget later on this year after which the annual budget will be in autumn each year.
"£435 million is a drop in the ocean compared with the £25 billion a year that the tax raises".
From 1st April 2017, the Value-Added Tax registration threshold will increase from £83,000 to £85,000 and the deregistration threshold from £81,000 to £83,000.
She continued: "BSRIA is especially pleased to learn that £300m has been earmarked to support 1,000 new PhD places and fellowships in STEM (science, technology, engineering and maths) subjects".
"In addition, further simplification will be given for foreign lenders where double taxation is involved".
Several Conservatives have voiced concern over the move, saying it unfairly targets small businessmen whose risk-taking greatly contributes to economic growth.
The new measures will mean that 90 per cent of pubs will be given a £1,000 discount on their business rates this year, while firms losing small business rate relief will see their bill increases capped at £50 a month.
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Theresa May has been accused of a partial U-turn in the face of a potential Tory revolt over the Budget's controversial National Insurance hike.
Mr Tugendhat was among around 20 Tories to voice concerns about the 2% hike in Class 4 NICs, including Wales Minister Guto Bebb who said the Government should apologise for breaking an election manifesto commitment not to increase National Insurance.
The Chancellor announced plans to reduce the tax-free dividend allowance from £5,000 to £2,000 from April 2018.
Of course, the self-employed are subject to a lower NIC because they do not receive the same entitlements and benefits as their employed counterparts - such as holiday and sick leave.
"This will include a review of the valuation of benefits and available exemptions in order to make the system fairer and more consistent".
Firms with turnover under the VAT threshold of £83,000 a year will be given an extra year to comply with Making Tax Digital to April 2019.
Unveiling his fiscal plans, the chancellor said the increase in funding, brought as a outcome of increased spending at a United Kingdom level, would allow Holyrood to "take further steps to strengthen Scotland's economy and make sure that Scottish people, of all background and no matter where they live, feel the benefits of economic growth".