A few things you might have missed in the Budget
The busy bees at Enterprise Nation have taken up the challenge of reading the entire UK Budget document. George Osborne delivered the first Conservative budget in the House of Commons yesterday for nearly two decades.
The devil is in the detail when it comes to the Budget and there are quite a few things included in EN’s report that haven’t been widely reported. They’ve read all 123 pages and come up with some useful insights. Tamebay reported a few things yesterday here.
We’ve taken this from Enterprise Nation’s blog post:
“- From April 2016 the National Insurance contributions (NICs) Employment Allowance will increase from £2,000 to £3,000 a year. The government says the rise will mean businesses will be able to employ four workers full-time on the new National Living Wage, without paying any NICs.
– The dividend tax credit, which reduces the amount of tax paid on income from shares, will be replaced by a new £5,000 tax-free dividend allowance for all taxpayers from April 2016. Tax rates will be 7.5% for basic rate taxpayers, 32.5% for higher rate taxpayers and 38.1% for additional rate taxpayers with an increase of 7.5% when income exceeds £5,000. The government says the changes are aimed at preventing firms from remunerate via dividends instead of wages to reduce tax bills
– Office of Tax Simplication to review the taxation of small companies
– Office of Tax Simplification to review closer alignment of income tax and National Insurance”