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