Did you catch everything the Chancellor said in his Spring Statement?
We know that National Insurance contributions have increased from 6th April, and the rest of the key points are:
- The Chancellor has not rescinded the increase in NIC and the dividend tax, so most tax bills are going up by 1.25%;
- He has aligned the NIC allowances with the tax allowances – thus paving the way for higher directors minimum salaries and a small saving in tax;
- There is a reduction in fuel duty of 5p;
- There is a promise of a tax cut in the basic rate to 19% from next April – no corresponding cut in higher rates, though;
- The Employment Allowance for employer paying NIC will rise by £1,000, which will help the smallest employers.
If you are concerned about the affect of these changes on your business call our team and we will take you through the implications. Telephone 01803 500 500 and we will be delighted to speak to you.