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Autumn Statement key points for dentists

22 November 2016

Autumn Statement key points for dentists

Chancellor Philip Hammond delivered his first (and last) Autumn Statement today. Jon Drysdale of Chartered Financial Planners, PFM Dental, highlights the key points for dentists.

  • From April, the income tax threshold will rise to £11,500 – an increase of £500.
  • By the end of the Parliament, the higher rate income tax threshold will rise to £50,000.
  • Employee and employer National Insurance thresholds will be made equal at £157 per week, also from April.
  • The National Living Wage rises to £7.50 in April.
  • There is a tax break for rural businesses in the form of an increase in Rural Rate Relief to 100 per cent.
  • Except for ultra-low emission cars, pensions, childcare and cycling, tax savings on salary sacrifice and benefits in kind are to be stopped.
  • Insurance premium tax will rise to 12 per cent (from 10 per cent) in June.
  • The fuel duty rise has again been cancelled.

Finally, the chancellor announced that there will be no more Autumn Statements, replaced by Budgets each autumn and a "Spring Statement" from 2018.

For more information on taxation, pensions, practice purchases and sales as well as legal and accountancy matters go to: www.pfmdental.co.uk

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