Budget 2016 | Premier Accounts and Consultancy | Manchester Based Accounting
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23 Mar

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Budget 2016

March 23, 2016 | By |

The report summaries the changes that have been made in various areas of taxation and the dates on which they become effective.

Budget 2016

The main areas for Small Businesses are:

  • Abolishment of Class 2 National Insurance Contributions from 2018
  • Business rate threshold will rise to £15,000 from £6,000
  • The rate of corporation tax will reduce to 17% by 2020
  • Income Tax allowance to increase to £11,000 and £11,500 from April 2017
  • There will be £1,000 allowance on property income and trading income, without the need to declare such income.

Budget 2016