March 23, 2016 | By Chris Williams |
The report summaries the changes that have been made in various areas of taxation and the dates on which they become effective.
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.