It’s the Conservative Party Conference this week, and Boris Johnson has raised speculation that the National Living Wage could be set for an increase.It seems his goal is to move the country “towards a high wage, high skill, high productivity economy”. They could potentially be just a few weeks away from signing-off on this rise.Under the new measures, earners over the age of 23 could receive around £9.42 an hour. This would come into effect from the start of the new tax year, April … [Read more...]
U-turn on Class 4 NICs
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...]