The government have published a list of changes in the impact of taxation, rates and NIC that will apply from April 2016. The list is reproduced below:

Businesses will benefit from:

  • lower business rates bills as the doubled Small Business Relief Scheme is extended for another year. This £730 million boost will see over 400,000 businesses save an average of £890, with some businesses saving up to £1,450. These changes come ahead of the cuts to business rates in 2017, when 600,000 small businesses – a third of all businesses in the UK – will be taken out of paying business rates altogether.
  • fuel duty freeze. Now in its sixth successive year, the freeze means a van driver is spending £30 less on each tank of fuel and the average haulier £150 less per tank, in comparison to what they paid in 2011
  • new corporation tax relief for orchestras. Building on the successes of our current Creative Sector Tax Reliefs, the UK’s range of exciting and world famous orchestras will now be able to claim 25% relief on eligible expenditure, helping them to continue providing enrichment and education to people across the country. In addition to these changes, from Wednesday 6 April:
  • millions of businesses will no longer have to pay employer National Insurance contributions (NICs) as we:
    • abolish employer NICs for apprentices aged under 25 giving a business employing an apprentice earning £16,000 a year an annual saving of over £1000
    • increase the employment allowance, which reduces the employers NICs for all businesses and charities, from £2000 to £3000, helping 500,000 employer hire regular staff. This will take around 90,000 employers out of employer NICs altogether and will mean a firm can employ up to 4 people on the new National Living Wage and pay no employer NICs at all
  • business will benefit from additional investment expected following a cut in Capital Gains Tax (excluding carried interest and gains on residential property). It will ensure that companies have the opportunity to access the capital they need to grow and create jobs

Additional tax changes on 6th April:

  • farmers averaging scheme will be extended to include an option to average over 5 years as well as 2 years
  • annual amount of donations on which charities can receive a 25% government top-up through the Gift Aid Small Donations Scheme will increase from £5,000 to £8,000. This means that each charity will be able to claim up to £2,000 of government support per year.