The Chancellor, Richard Hammond, has announced a U-turn on the proposed rise in national Insurance rates for the self-employed.In the Spring Budget it was announced that as of 6th April 2018, Class 4 NICs would be increasing to 10% from the current 9% in place, with a further increase to 11% the following year.In a letter to Tory MPs, the Chancellor revealed that he has “decided not to proceed” with the planned rise in NICs for self-employed workers, despite only announcing the measure … [Read more...]
Autumn Statement looks to cut corporate tax
UK will be G20's least taxing nation, firms told.A cut in corporation tax looks set to be Autumn Statement 2016’s most surprising and contractor-friendly announcement.In a speech to business leaders ahead of the statement tomorrow, Theresa May implied the rate of tax that companies pay on profits will fall to its lowest ever.“My aim is not simply for the UK to have the lowest corporate tax rate in the G20, but also a tax system that is profoundly pro-innovation,” the prime minister … [Read more...]