2017 Spring Budget 2017 Budget Summary Please find below our summary of the key tax data in the Spring Budget 2017 Philip Hammond announced measures to level the tax playing field, and reiterated that the income tax threshold and national living wage would increase to £11,500 and £7.50 an hour respectively. He also offered relief to business owners worried about the cost of their premises, and announced a new investment bond from NS&I which will likely prove popular with members of the public. Other points of interest include: - The tax-free dividend allowance will be reduced from £5,000 to £2,000 from April 2018.
- Class 4 national insurance contributions for self-employed workers will increase to 10% in April 2018 and rise again, to 11%, from April 2019.
- A 25% charge has been introduced on transfers (subject to some exemptions) to qualifying recognised overseas pensions schemes.
- Unincorporated businesses and landlords with a turnover below the VAT threshold will have until April 2019 before they are required to implement ‘Making Tax Digital’.
- “Making Tax Digital” is a fundamental change to reporting obligations for most businesses. For many this will need to be implemented from April 2018 and therefore this is an opportune time to review bookkeeping systems. We have been reviewing appropriate systems and outsource solutions and strongly advise early preparation.
If you have any questions about the summary’s contents please call us to discuss them. Click here to download our 2017 Spring Budget Summary in full | 
