For a confidential, no obligation chat please contact on 01603 327280 or complete this form

Wednesday, 16 March 2016 16:34

Budget 2016

How is the budget going to affect you? Are you a small business owner? Are you an Employee? Read here to see how the budget will impact on your life.  This afternoon George Osbourne the Chancellor announced the budget that will impact small business owners and employees alike for the next year. Below are just some of the decisions that have been made.

For those of our Clients who work, the tax-free personal income allowance is being raised to £11,500 in 2017. The government have stated that they plan to increase this to £12,500 by 2020. This will reportedly give approximately 31 million people a tax cut. The rate at which workers start 40% income tax is to be raised from £42,385 to £45,000 from April next year.

 For those of our Clients who are business owners, there will be reforms to business rates which will mean 600,000 small businesses will pay no rates from April next year and 250,000 will have their rates cuts from April 2017. It has also been announced that a new threshold for small business rate relief is to increase from £6,000 to £15,000. Further, cooperation tax is to be reduced to 17% by April 2020. A further announcement was made regarding commercial stamp duty. This reform will benefit small firms with approximately 90% of small firms paying less stamp duty or being unaffected, however 9% of firms will pay more. The commercial stamp duty will be set at 0% on purchases up to £150,000, 2% on next the £100,000 and 5% top rate above £250,000. This will be effective from midnight tonight.

 For our Clients who are saving, the yearly annual ISA limit is to increase next year from around £15,000 to £20,000. It has also been announced that anyone under the age of forty will be able to open a lifetime ISA. For every £4 you save, the government will give you £1 until you are fifty. The money can be used to save for a pension, or for a home. If you have already starting saving in a help-to-buy ISA, you will be able transfer this ISA into this schemes.

 Fuel duty has been frozen for the sixth year in a row. This reportedly saves the average driver £75.00 per year.

 Turning to food and drink, a sugar tax is to be introduced to the drinks industry from 2018. This will be a tax on the manufacturing companies, but no doubt this tax will be passed on to the consumers by increasing the prices. The money is to be used to spend on sports in schools, schools will be able to apply for money to extend the school day and fund more sports activities. 

 If you seek business advice or assistance from start-ups to taking on employees, dealing with disputes or collection of debt then contact Salena Dawson @dawsonslaw

Contact us

We are based in Hethersett, Norwich, Norfolk. However we are more than happy to conduct home visits if getting to us is a problem

41 Great Melton Road
Call us on
01603 327280

What our clients say...

“ We recently had a Client in need of legal advice. Netmatters made the decision to appoint Dawsons law. Salena was professional, polite, She provided a quote and a fixed fee for any additional agreement moving forward. As an agency we often have to deal with multiple legal issues and we have no trouble recommending Salena Dawson . She truly is a solicitor at the heart of the community”


“I must commend you on your will writing service.... We both had been putting of making a will for some time, however Salena made us feel at ease with her personal approach and advice which made the whole process very natural and professional. We would be more than happy to recommend Dawsons law to our friends and family”

James Robinson

“I wanted to write now that my Matrimonial Finances have been settled and are now concluded. Dawsons Law provided a unique service in assisting me as more or as little as I required. I have spoken to friends who have been through similar process . They were amazed at how conciliatory you dealt with me and my ex-wife. You were straightforward with advice and kept my legal costs down though your commonsense approach. Thank you so much.”

Mr R - Swaffham