Hope you enjoyed the Autumn Statement yesterday!
If you missed it, here is everything you need to know for small business:
1. The personal allowance, the amount you get tax free is going up to £10,600 next year
2. The higher rate income tax threshold is going up to £42,385
3. Business rates are being reviewed
4. The research and development tax credit is being increased for small business
5. £500 million of bank landing plus £400 million government backed venture capital funds which invest in small and medium enterprises
6. National insurance on young apprenticeships abolished
Nothing too surprising here although there was one MAJOR tax change hidden in the detail that our friend George mentioned….and it wasn’t good for small business.
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