Small businesses, freelancers & contractors: How the 2015 Budget affects you
by Startacus Admin
Today’s UK Budget recognised the importance of the self-employed workforce to the British economy.
So we asked Crunch Accounting to share the key points on how the 2015 Budget affects Small businesses, freelancers & contractors.
"Today’s Budget recognised the importance of the self-employed workforce to the British economy and reflected the needs of this demographic through reforms and cuts that could change the way Britain does business.
Here are the top highlights for small businesses, freelancers and contractors:
Self-Assessment tax return reforms
The government plan to simplify tax administration by getting rid of the annual tax return. This will make tax simpler by enabling tax and NICs to be collected through digital accounts instead of the annual self-assessment. 
Check out this post by Crunch to see how the loss of the Self-Assessment could affect you.
Abolition of Class 2 National Insurance Contributions
There are plans for Class 2 NICs to be abolished in the next Parliament. Class 4 will also be reformed to introduce a new contributory benefit test.
Rise in Personal Allowance
The Personal Allowance will rise from £10,600 is 2015-16 to £10,800 in 2016-17 and £11,000 in 2017-18.
The 40% income tax threshold is also set to rise above inflation from £42,385 to £43,300 in 2017-18.
Review of Business Rates
A review of Business Rates has been launched. The government also plan to pilot schemes that reward additional Business Rates growth.
Local Authorities are also being encouraged to use their business rates relief powers to support the sharing economy, which includes shared workspaces and makerspaces.
Improved access to finance and markets
The government aim to unlock the potential of the sharing economy, improve access to finance and boost exports. The Budget 2015 also announced funding for trade 
missions, focused on regional strengths.
The British Business Bank is looking for proposals to support its Help to Grow scheme, which will make growth finance more available. Alongside this, the government will do more to inform SMEs about the support already available, as well as their options for accessing finance.
Better education and support for SMEs
SMEs will be given better information on how to access and use legal services. This information will be included on 
the Citizens Advice and the GREAT business websites.
£4 million will be provided to extend the existing Skills Investment Fund for a further two years, which will go towards match funding for training and development in film, television, visual effects, video games and animation."
Cheers Crunch for the all important key points.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
The third-party platform that enables you to anonymously tag, measure, and resolve incidents of bias and harassment in your organisation
The lowdown on Nova, the Liverpool based cofoundery and its latest crowdfunding mission to help it expand in the UK and internationally
The FinTech startup, Freetrade which is on a mission to make it easier than ever to invest in stocks and shares - for free
The latest ways in which leading people and culture platform Culture Amp aim to help organisations manage their diversity and inclusion practices and policies
The lowdown on Imagine Me Stories, the book and activity subscription box aiming to address diversity and empower black children
Petal Plan is our latest startup of the week - a UK startup that is on a mission to innovate how we both buy and receive the gift of flowers
.jpg)
A new Investor Series podcast aims to provides a unique understanding and insight into the minds of some of the UK’s most experienced startup investors.
Whilst mainstream lenders are trying to lose the connotation of payday loans, a wave of fintech are looking to offer complete alternatives.
Atom Learning, the edtech platform that uses AI to transform educational outcomes, doubles headcount as business expands internationally.
News stories talk about startups raising money in different funding rounds – but what do those headlines and stages actually mean?
Published on: 18th March 2015
.png)
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Culture Amp launch Diversity and Inclusion Starter Kit to bring best practices to UK businesses 8th Nov 2019 The latest ways in which leading people and culture platform Culture Amp aim to help organisations manage their diversity and inclusion practices and policies
- Manchester fintech GoodBox hits £2m donated to UK charities 21st Oct 2019 Manchester fintech GoodBox, which helps charities embrace the rise of fintech through digital and contactless payments, have raised over £2m for UK charities.
- Event at Startup Week Dublin to explore startup collaboration between NI and Ireland 11th Oct 2019 With the impact of BREXIT still very much an uncertainty, our evening event at Startup Week Dublin will explore startup collaboration and opportunities between NI and Ireland.
- Startups shaping future of the smart built environment wanted for RElab programme 8th Oct 2019 Tech startups focused on smart buildings and cities, smart grid, construction tech, predictive maintenance, and other tech solutions - take note!
