Budget 2016: What does it mean for… Small business
AROUND 600,000 small companies will pay no business rates from next April, the Chancellor announced.
Small businesses will save £6,000 a year
And the overall burden of business rates is set to fall by £6.7billion over the next five years.
Small firms are set to save £6,000 a year.
Other measures included a cut in the higher rate of Capital Gains Tax from 28 per cent to 20 per cent. The basic rate will fall from 18 per cent to 10 per cent.
Class 2 National Insurance contributions will be abolished for 3.4 million self-employed people.
And two new £1,000 a year tax-free allowances will be introduced to help microentrepreneurs who sell services online or rent out rooms.