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Today the Chancellor gave a very interesting budget; although he didn’t mention dentistry specifically, a lot of his measures will have a large impact on dentists as a whole.
He has announced changes to the main rates of tax; the personal allowance will be increased to £10,800 for 2016 to 2017 and £11,000 for 2017 to 2018.
The basic rate limit will be increased to £31,900 for 2016 to 2017 and £32,300 for 2017 to 2018. As a result, the higher rate threshold will be £42,700 in 2016 to 2017 and £43,300 in 2017 to 2018.
Another large change is the chancellors abolishment of Class 2 National Insurance contributions, the Chancellor announced today that this would be abolished in the next parliament.
The Chancellor did mention Entrepreneurs Relief restrictions in the budget, but this should only affect dentists in exceptional circumstances.
Lastly, if you are looking to refurbish your premises, although the Chancellor did not give the figure (this will be done in the Autumn Statement) he did confirm the Annual Investment Allowance will be higher than £25,000 from 1 January 2016 when the £500,000 amount disappears.
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