There was bit of doom and gloom in the Budget with the UK’s growth rates reduced but it’s up to us business owners to control our own destinies and make sure our own businesses are still thriving.
So, what else happened?
To pick out a few of the main new bits:
• First time buyers will benefit from the changes to Stamp Duty.
• An increase in Research & Development tax relief.
• Potential benefits on Business Rates.
• Despite suggestions it might decrease, the VAT threshold stays at £85,000 per annum.
• There’ll be a consultation reform of the the IR35 rules in the private sector. This could affect many contractors if it follows the changes made in the public sector earlier this year.
• Corporation Tax stays at 19% for another year. Previously, it had been hinted it would reduce, so no joy there.
At least the cost of a pint remains the same!!
If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant
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