Medicine

Spring Budget 2017: NICs will rise for self-employed workers

Spring Budget 2017: NICs will rise for self-employed workers

Probably the biggest impact will be on the self-employed when it comes to National Insurance contributions but some other changes will be of interest.

Prime minister Theresa May has effectively watered down the Budget announcement of a tax rise for the self-employed following political outcry over the move.

Selby says: "In particular investors will need to think carefully about which investments they hold inside and outside of tax wrappers. It distorts decisions, creates complexity and is unfair".

However he welcomed the £435m relief for those hit by increases to their business rates bills in April, following national revaluation, and a £300m discretionary relief fund for local authorities.

The National Insurance Contributions (NICs) for the self employed which the chancellor of the exchequer Philip Hammond called the "lifeblood of our economy", are set to rise while the tax-free allowance for dividend payments from their private companies is to be slashed by more than half.

The Treasury said 2.5m people would lose out by an average £240 a year.

According to Mr Johnson, the move would close a "small fraction" of the gap with the contributions paid by employees.


However Stephen Herring, the head of taxation at the Institute of Directors, said that while Mr Hammond would take "a lot of political pain", he was right to start creating a "level playing field" for employees and the self-employed.

Talking to reporters at the European Council, she said, 'One of the first things I did as Prime Minister was to commission Matthew Taylor to review the rights and protections that were available to self-employed workers and whether they should be enhanced.

Mr Hammond said the Government was protecting the self-employed who make lower profits, and insisted that with Brexit the circumstances had changed since the 2015 manifesto.

"The Conservatives promised there would be no increases in national insurance", he said.

"But our job is to do what needs to be done to get Britain match-fit for its future". Critics of the tax hike include the former leader Iain Duncan Smith, and the Berwick MP Anne-Marie Trevelyan.

With dozens of Tories thought to be angry about the Budget measure, Labour made clear that it hopes to force a U-turn in the face of the threat to Mrs May's 17-seat Commons majority.

Don't miss out on all the latest breaking news where you live. The impact of this decision could be anything from seeing increasing numbers of people choosing to go into full-time work, to in the long-haul seeing a real slow down of entrepreneurs in the United Kingdom'.


  • Wales name unchanged side to face Ireland at Principality Stadium

    Wales name unchanged side to face Ireland at Principality Stadium

    Sexton attempted to kick out but it was charged down and Jamie Roberts powered over for Wales' first try to secure victory. He had barely made it to the dressing room when Wales took the lead with North's second try of the championship.
    Pope Francis Considers Letting Married Men Become Priests

    Pope Francis Considers Letting Married Men Become Priests

    The leader of the Catholic Church has previously intervened to help in dialogue between the United States and Cuba. Francis also recently said he hoped to visit South Sudan.
    Lawrence Timmons signs 2-year deal with Dolphins

    Lawrence Timmons signs 2-year deal with Dolphins

    When ESPN reported earlier in the week that Timmons was visiting the Dolphins, the marriage felt pretty much over. Second-year Dolphins head coach Adam Gase is going with the flow in building the 2017 rendition of his team.
  • Fernando Alonso hints he will race beyond 2017

    Fernando Alonso hints he will race beyond 2017

    Stoffel finished the day on 48 laps, and will hand over the reins to Fernando in the morning for the final day of the test. On turn 3 at the Circuit de Catalunya - is Fernando able to take this flat out in the new vehicle ?
    VW pleads guilty in U.S.  court in diesel emissions scandal

    VW pleads guilty in U.S. court in diesel emissions scandal

    The Volkswagen emissions scandal, or Dieselgate, has been a troubling ordeal for the German vehicle maker, to say the least. The plea is part of a settlement that could cost Volkswagen more than $20 billion worldwide in fines and civil settlements .
    Big Ten Tourney Preview: Michigan

    Big Ten Tourney Preview: Michigan

    The Spartans battled back and took the lead briefly on a 3-pointer by Matt McQuaid from the top of the key with 5:39 left. Three Wolverines joined Walton in double figures, including Zak Irvin with 18 and Muhammad-Ali Abdur-Rahkman with 17.
  • Long-distance Space Travel Boosts Risk of Leukemia

    Long-distance Space Travel Boosts Risk of Leukemia

    The team describe this as the first demonstration that deep space radiation may increase the leukemia risk in humans. While doses of killer electrons also created genetic damage to the cells, a known risk factor of cancer.
    Toronto Police arrest Marc and Jodie Emery, raid dispensaries

    Toronto Police arrest Marc and Jodie Emery, raid dispensaries

    The couple was being held for a bail hearing at Old City Hall on Thursday morning, Kirk Tousaw posted on Facebook . Some of them are Cannabis Culture locations, a chain of dispensaries owned by the Emerys.
    Flynn retroactively registers as a foreign agent for lobbying work

    Flynn retroactively registers as a foreign agent for lobbying work

    The White House insists that they knew nothing of Flynn's work, but that raises the question - why not? But in an op-ed published on Election Day , Flynn struck a radically different note.
  • A Tim Tebow stalker was arrested for trespassing at Mets camp

    A Tim Tebow stalker was arrested for trespassing at Mets camp

    This week, Tebow faced reigning AL Cy Young Award victor Rick Porcello during a Grapefruit League game, and struck out looking. When the authorities went through her auto after the arrest, they found a copy of Tebow's autobiography, "Shaken".
    Alshon Jeffrey signing one-year, $14 million deal with Eagles

    Alshon Jeffrey signing one-year, $14 million deal with Eagles

    Receiver Alshon Jeffery has left the Bears after five seasons to sign a one-year contract with the Philadelphia Eagles. It nearly means Nelson Agholor probably isn't in the long-term plan- okay I can't even type that with a straight face.
    Pregnant Ciara in Car Crash

    Pregnant Ciara in Car Crash

    Ciara was able to walk around and talk on the phone afterward, but she was also holding her chest and shoulder after the accident. Plus, Parents.com says that when a pregnant woman is in a auto accident, it's not very likely the baby will be injured.