From The Top

The Budget 2016: A 500-word summary for owners of micro and small businesses

Hunter Ruthven | 16 March 2016 | 8 years ago

budgetBA8
The Budget 2016 provided much food for thought for small and micro business owners

For those who are new to the annual Budget speech, or want a quick insight into how it will impact their small companies, Business Advice has put together a convenient summary so you don’t have to sift through announcement after announcement.

Reform to stamp duty for small businesses

The stamp duty rates system for commercial property is being overhauled, with some 90 per cent of small firms seeing tax bills cut or go unchanged as a result. A zero rate band for commercial stamp duty has been introduced for the first time, with changes set to come into force overnight.

Read more on the development here

Reform to business rates for small businesses

One million small UK businesses are set to benefit from rate relief, Osborne announced in the Budget 2016, as part of a permanent increase in the business rate relief threshold to 15, 000. it’s predicted this will save small companies some 6, 000 a year, with 600, 000 soon to pay rates at all.

Read more on the development here

VAT loophole for oversees internet merchandisers closed

Sure to appeal to enterprising entrepreneurs throughout the UK, foreign companies storing stock in the UK but avoiding VAT payments will have those loopholes closed. It follows an HMRC-established taskforce set up in December 2015 to investigate VAT evasion by overseas companies, and will benefit those selling through platform such as Amazon or eBay.

Read more on the development here

Tax breaks, worth 1, 000 a year, for trading and property income

The “Airbnb allowance” or “spare room subsidy”, two terms already associated with this policy, will allow enterprising individuals to be exempt from tax for the first 1, 000 made through selling services or renting property online.Withno forms to fill in or taxes to pay, Osborne described it as a “tax break for the digital age”. Some half a million people are expected to benefit on the back of the Budget 2016.

Read more onthe development here

Removal of Class 2 NI contributionsby 2018

The Budget contained another surprise, in the form of Class 2 National Insurance (NI) contributions beingabolished from April 2018. The Treasury believes this will serve as a benefit to’self-employed individuals to the amountof 130 each year.

Read moreonthe development here

Related Topics

How SMEs Can Innovate Their Way to Success in 2023
30 June 2023

How SMEs Can Innovate Their Way to Success in 2023

Read More →
2021: Financial predictions from four experts
14 January 2021

2021: Financial predictions from four experts

Read More →
Thousands of self-employed to benefit from “tax grab” Loan Charge review
10 January 2019

Thousands of self-employed to benefit from “tax grab” Loan Charge review

Read More →
an embarrassing spectacle?: What real entrepreneurs made of The Apprentice final
18 December 2018

an embarrassing spectacle?: What real entrepreneurs made of The Apprentice final

Read More →
The Apprentice 2018 Final preview: Who’s going to win the 250, 000 investment?
14 December 2018

The Apprentice 2018 Final preview: Who’s going to win the 250, 000 investment?

Read More →
The “bizarre” sales technique that left Apprentice viewers stunned
23 November 2018

The “bizarre” sales technique that left Apprentice viewers stunned

Read More →

If you enjoy reading our articles,
why not sign up for our newsletter?

We commit to just delivering high-quality material that is specially crafted for our audience.

Join Our Newsletter