Highlights from the February 2017 budget
- Tax-free personal allowance will be increased to £11,850 in April 2018. High rate tax threshold will be increased to £46,350
- Stamp duty abolished for first time buyers on properties up to £300,000. In expensive areas it will be for the first £300,000 on properties up to £500,00.
- HMRC Will NOT be lowering the entry point for VAT for at least two years which should be good news for a lot of self employed
- The Government has said that they will be ‘considering’ the impact of IR35 in the public sector before they consult on changes to the private sector
- Fuel duty rise for petrol and diesel cars scheduled for April 2018 has been scrapped
- No increase in duty on Alcohol. Duty on high strength ciders will be increased in 2019
- 2% increase in tobacco duty
- The national living wage will rise to £7.83 in April 2018
- Rises in business rates will be pegged to CPI instead of RPI