by george! he said what in the budget?

BY GEORGE!He said WHAT in the budget?

#1 Basic tax changes you should know about…..

£11,000

£43,000

£3,000£200,0

00

Personal tax free allowanceThreshold higher tax payersEmployment Allowance on Class I NICCapital Allowance

#2 What will changes to dividend taxes

mean to you?£5,0

007.5

%32.5

%

Tax free allowanceTax if you pay Income Tax at basic rateTax if you pay Income Tax at 40% rate

#3 You could you earn this next year

before going to higher tax rate?

£11,500£45,000

£5K£1K

£62,500

Personal tax free allowanceHigher rate thresholdDividend tax free allowancePersonal savings allowance

#4 You are an entrepreneur?

Will you still benefit from tax relief?Tax free allowance £1k for:

- Businesses who sell on-line services

- Rent out their homes on-lineZero business rates if rateable property < £12KExtension entrepreneur’s relief

#5 You are an entrepreneur?

Will you be able to access funding?

High street banks must refer declined loan applicants to:BizfitechFunding XchangeFunding Options

#6 What about your pension?

Minor changes – relaxation rules for seriously ill & young

#7 You want to save for the future?

ISA limit to increase from £15K to £20K

New Lifetime ISA for people under 40. Save £4k per year. For every £4 you save, the government will give you £1

#8 You own a second home or investment

property?You are facing an additional 3% increase on stamp duty

And a reduction in allowances expenses - based on actual costs rather than a broad deduction of 10% of your rental income for wear and tear

You will no longer be able to deduct mortgage interest before calculating tax, pushing many into the higher tax brackets.

#9 Other stuff?

• Class 2 National Insurance Contribution to be abolished

• Capital gains tax significantly reduced - but not for residential property

• Corporation Tax loss relief – more flexible• Fuel Duty fixed

#10 The Missing Bits?

No mention of• Faster broadband?• A simplified tax system?• New office spaces?

Jane Ollisjollis@riftgroup.com

Chris Gazecgaze@riftgroup.com

Simon Warren-SmithS.D.G.Warran-Smith@greenwich.ac.uk

Can we help?

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