SPRING 2017
n the good humoured and jovial delivery of his first and
last spring budget, Philip Hammond labelled himself the
“Spreadsheet” Chancellor and boasted £26 billion of
“headroom” as he prepares Britain for its global future.Being in the food industry, I’m sure you’ve got better ‘fish to
fry’. In a nutshell, here’s a little of what you ought to know the
rest is on Asian Restaurateur website:PERSONAL ALLOWANCE
The personal allowance will be £11,500 for every UK resident
but the higher rate threshold will be £2,000 lower for Scottish
residents at £43,000.DIVIDEND ALLOWANCE REDUCTION
From 6th April 2018, the dividend allowance will be reduced
from £5,000 to £2,000. Replicating the circumstances above,
a further £188 will be payable in 2018/19. Meaning an
overall increase of £2,063 since the dividend allowance was
introduced in April 2016.A GLIMPSE AT THE 2017 BUDGET
The “Spreadsheet” Chancellor has unequivocally spiced
up the budget at the detriment of business owners...
SELF-EMPLOYED NATIONAL INSURANCE
CONTRIBUTIONS (NIC)
The Chancellor has supported his predecessor’s commitment
to abolishing Class 2 NI contributions but has increased the
self-employed profit related Class 4 NIC’s.VAT
The VAT registration threshold has been increased to a
turnover of £85,000, and the deregistration threshold has been
increased to £83,000 with effect from 1st April 2017.All in all, it’s not a great budget for business owners. I guess
it’s a sign of times to come. Best to buckle up, keep your
head down and keep the kitchen noisy and busy! There’s
not much going for free enterprise at the moment. You’re on
the lonely, long and narrow road. As usual, please use your
entrepreneurial grit.Shaz Nawaz
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