George Osborne gave his Autumn statement today, a mini-budget, the third this year. You can read about the tax credits and whether or not austerity is over in the national newspapers, here is my assessment of the 5 most important points in the Autumn statement for small business.
1. Extension of the doubling of small business relief rates to April 2017 (good news – make sure you have this if you operate from an office)
2. 3% higher rate on stamp duty land tax will be charged on second homes or investment properties from April 2016
3. Capital gains tax due to be paid within 30 days of completion of any disposal of residential property from April 2019. This will tie in with the introduction of digital tax accounts for most taxpayers
4. National Insurance employment allowance increased to £3,000 from April 2016
5. 3% differential on Benefit in Kind for diesel cars retained from April 2016 for 5 more years
More on Autumn statement tomorrow…
