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Spring Budget - what it means for your business

Economy

This month, the Chancellor outlined his plans for the next financial year, and it wasn’t much to be excited about for businesses. However, a week later, the Government did a U-turn on one of the key points – an increase in National Insurance Contributions for the self-employed.

The announcement would have increased Class 4 NICs from 9% to 10% in April 2018, and to 11% in 2019, to bring it closer to the 12% currently paid by employees. However, the Prime Minister has made assurances since then that the increase will not go ahead. Great news for small businesses and start-ups. See below the full list of measures that will affect SMEs: