Headline Changes in 2017 Budget

Dividend Allowance

Introduced in 2016 as £5,000 this will be reduced to £2,000 from 2018. This measure is aimed at director shareholders. It remains as £5,000 until 5 April 2018.

Self-employment

The abolition of Class 2 NIC will go ahead in April 2018 but this will now be coupled with an increase in Class 4 to 10% in 2018 and 11% in 2019.

Making Tax Digital (MTD)

For businesses with turnover below the VAT registration threshold quarterly reporting will be postponed until April 2019. This gives these businesses more time to prepare.

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