On Wednesday 8th March, Chancellor Philip Hammond announced the Spring Budget for 2017.
If you're not sure how you will be affected by the changes, here are some of the main points that might apply to you and your family.
UPDATE - The Government have dropped the planned increase in NICs for the self-employed.Find out more here
Free transport for children from poorer families who go to selective schools - Children aged 11 to 16 who get free school meals or whose parents are on the Maximum Working Tax Credit will get free transport to their closest selective school, if it is between two and 15 miles away from their home. Children aged 8 to 16 are already entitled to free transport to their closest suitable school, if they live more than three miles away.
Tax-Free Childcare will soon be available to working parents - with up to £2,000 a year in childcare support for each child under 12.Parents will be able to receive up to £4,000 for disabled children up to the age of 17. Parents of younger children will be able to apply for the scheme first, with all eligible parents able to access the scheme by the end of the year.
Additional 15 hours free childcare - Working parents in England will also be able to apply for an additional 15 hours of free childcare for three and four year olds, bringing the total to 30 hours a week.
Consumer protection from unnecessary costs and inefficiencies, including:
- preventing consumers being charged unexpectedly when a subscription is renewed or a free trial ends
- making terms & conditions simpler and clearer including in digital contracts, like when you sign up to a social network
- fining companies that mislead or mistreat consumers
- Small Businesses and landlords under the VAT threshold will have an extra year to prepare for Making Tax Digital (MTD) - Unincorporated businesses (businesses owned privately by one or more people) that have an annual turnover below the VAT registration threshold will have until April 2019 to prepare before MTD becomes mandatory.
Support for businesses affected by the business rates relief revaluation -no small business that is coming out of small business rates relief will pay more than £600 more in business rates this year than they did in 2016-17.
Tax-free dividend allowance will be reduced from £5,000 to £2,000 from April 2018 - This will reduce the tax difference between the self-employed and those working through a company.
Here are a few quick links to help you understand a bit more:
If you're finding that you need some extra help and support then there are local agencies that can help you. You can find out more here.