This afternoon, George Osborne delivered his Summer Budget 2015 unveiling his main announcements. We’ve highlighted some of the key-points that will affect small businesses across the UK.
Business
- Corporation Tax to be cut to 19% in 2017, 18% by 2020
- Bank levy rate to be reduced over the next 6 years
- 8% surcharge on bank profits
- Annual Investment Allowance set £200,000
- £3,000 off National Insurance contributions from 2016
- Local councils to decide on Sunday Trading hours
Employment
- National Minimum Wage changed to National Living Wage - £7.20 an hour from next April, set to reach £9 by 2020 (over 25’s)
- 3 million more apprenticeships by 2020 with apprenticeship levy for large employers
- 1 million extra jobs to be created by 2020
- Income tax threshold to raise to £11,000 next year and to £12,500 by 2020
Transport
- New Vehicle Excise Duty bands for new cars from 2017 - money generated from VED bands will be paid into a Roads Fund from 2020
- Full duty frozen for remainder of the year
- £30 million for new transport system for the North of England - Introduction of Oyster Card
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