The autumn statement highlights

The autumn statement last Thursday included a number of proposals that will be of interest to small business owners and freelancers. These changes will come into effect in April next year and I’ve picked out below the key points that I think are worth being aware of and if you’re really keen reading up on –

Business Taxation

  1. National insurance scrapped for under 21’s
  2. £1,000 annual discount on business rates for retailers in properties with rateable values of less than £50,000
  3. Main corporation tax reduced to 21% for 2014-15, small companies rate stays at 20%
  4. Changes to rules on use of personal service companies to disguise employment
  5. Changes to rules on limited liability partnerships to prevent employees pretending to be self-employed

Personal Taxation

  1. CGT changes in relation to sale of rental properties – includes cut of final PPR exempt period from 3 years to 18 months.
  2. Personal allowances raised to £10,000 in 2014/15
  3. Transferable personal allowance between spouses and civil partnerships
  4. Social investment tax relief – for investing in qualifying social enterprises