What Does the 2015 Budget Mean for Businesses?

What Does the 2015 Budget Mean for Businesses?

George Osborne has unveiled his latest budget, but what does this mean for businesses?

Here are a round up of the key points affecting businesses:

  • National Insurance employment allowance for small firms is set to increase by 50% from 2016 (so it will now be £3,000)
  • Dividend tax credit will be replaced by a tax-free allowance of £5,000 on dividend income.
  • There is a proposal to allow shop to open for longer on Sundays, read about the proposal here. This may affect small shops who rely on the larger shops having to close.
  • Non-dom status will be abolished – this means from April 2017, anyone who has lived in the UK for 15 of the past 20 years will pay the same level of tax as other UK citizens.
  • New national living wage for over 25 year olds will be introduced, which starts at £7.20 an hour and is set to reach £9 by 2020.
  • Personal allowance is set to rise to £11,000 next year, this is set to rise to £12,500 by 2020 meaning people working 30 hours a week on minimum wage will not pay income tax.
  • Corporation tax will be cut to 19% in 2017 and 18% in 2020.

Does the 2015 budget affect your business? Comment below and share what affects you most.

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