Mar 9, 2017

What's the fuss about National Insurance rise?

The most controversial measure announced in the Budget was the tax rise facing more than a million self-employed people. Taken on its own, this means the self-employed, with profits of more than £8,060, will have a tax rise averaging £240 a year. Alettia Elwin, who is self-employed and teaches music to children, says that Mr Hammond should have targeted large businesses, who are seeing a cut in corporation tax, rather than the self-employed. Sarah Lawrence, a self-employed bookkeeper from Somerset, says that employees and the self-employed should be treated differently. There are 4.8 million self-employed people in the UK. Of these, the Treasury says there are more than 2.5 million who make enough money to end up paying more tax from April 2018 owing to the Class 4 change announced by Mr Hammond.

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