9th March 2017

Aviva: Spring Budget 2017

Has the Spring Budget hit your clients?

Chancellor Philip Hammond has delivered his first full Budget speech, the second under the current Conservative government and the last scheduled for this time of year. He outlined how the government plans to spend £802 billion and collect £744 billion from taxes, duties and national insurance contributions in 2017/18*. The next Budget will take place in the autumn in line with the new fiscal timetable.

How the Budget hits independent professionals and small businesses

Each Budget has a few surprises, but this time there was no hat or rabbit for most UK households. However, the UK’s five million self-employed and owner-managers will be affected by two key measures:

• The tax-free dividend allowance will be reduced from £5,000 to £2,000 from April 2018, reducing the tax difference between the self-employed and those working through a company.

• Significant National Insurance contribution increases for the self-employed from 2018.

Download our Budget guide here

These important changes could affect a significant proportion of your client base; be prepared and have the facts at your fingertips. 

(*Spring Budget 2017 (HM Treasury: Government spending and revenue: charts 1 and 2)

Budget