Chancellor Philip Hammond delivered the Autumn Budget earlier this week (29 October 2018).
Here's a summary of the key points, which will be of interest to dentists:
From the next financial year, the amount you can earn before paying tax will rise from £11,850 to £12,500, and the threshold for the higher rate of tax will increase from £46,350 to £50,000.
From April the National Living Wage will increase roughly in line with inflation from £7.83 to £8.21.
Find out more about our work fighting for improved pay and conditions for dentists.
2. Off-payroll working
The government reformed the off-payroll working rules (known as IR35) for the public sector in April 2017.
This week's budget announced an extension of these reforms to the private sector too, to ensure individuals who effectively work as employees are taxed as employees, even if they are technically self-employed.
Small companies and organisations will be exempt, and the Treasury will provide detailed guidance to medium and large organisations ahead of implementation in April 2020.
We've recently updated our template associate agreement to reflect developments in the law, read our blog to see a summary of the changes.
Business rates will be cut by a third for retail properties with a rateable value below £51,000 for two years from April 2019.
Business rates will be revaluated from 2021.
The Chancellor restated the Government's commitment to delivering an extra £20.5bn for the NHS over the next five years.
As part of this new funding, he pledged an extra £2bn a year for mental health services, with an aim of delivering a new NHS mental health crisis service by 2023/2024.
Find out more about our work tackling the issue of stress in dentistry.
5. Public health
Duty on beer, cider and spirits will be frozen. Taxes on wine will rise in line with inflation, with white ciders taxed at a new, higher rate.
Tobacco duty will continue to rise by two per cent above Retail Price Index (RPI) inflation.
Find out more about the issues we work on in public health including tackling the rising rates of oral cancer and highlighting the damage sugar can do to teeth.
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