Chancellor Sajid Javid has kicked off 2020 by announcing the Budget will take place on Wednesday, March 11.
The main personal finance pledge in the Tory manifesto was a tax cut for more than 30 million workers in the form of an increase in the threshold for paying National Insurance.
Here are Nathan’s predictions for what we should expect and what it will mean for people working in the dental industry…
I think we will see a sizeable extension of the 20% tax band, above the current £50,000, maybe as high as £75,000 to grab some headlines.
However, I think we will see this offset by an increase in National Insurance contributions for the employed, employers and the self-employed. Plus an adjustment to lower the tapering of the personal allowance for those earning in excess of £100,000 to say £75,000.
My hunch is this will not benefit self-employed dentists, as any income tax saved will be clawed back by increases to National Insurance and reduced tax-free allowances.
