The Budget in One Minute.
Simply self-employed? No changes.
There is nothing you need to be concerned about right now, if you are simply self-employed.
Yes, your personal allowance will increase to £12,500 from April 2019.
The 40% tax bracket will start at £50,000 in April 2019, so go for it!!
Lots of Positive Changes to Tax Reliefs
This budget was pro business.
If you claim any kind of tax relief, it is worth a specific google search as many of these were increased. Or read the next newsletter from your accountant/industry body.
For example, business rates were cut by a third for retailers.
Significant changes to self-employment? Only if you are subject to IR35
In the news it says there are significant changes to self-employment. If you work with more than one customer and don’t have a limited company, IR35 rules don’t apply.
Did you know the council and businesses pay business rates on public toilets? Not anymore!!
Hopefully now we will have more places to ‘spend a penny’,
For a complete summary of the budget go to https://www.bbc.co.uk/news/uk-politics-46017125
For more business support, please contact Jenny 07956 218744, firstname.lastname@example.org or go to iexplainmoney.co.uk