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2015 budget – How will it affect my wedding business?

The Wedding Industry is traditionally made up of small businesses, so what changes in the budget earlier this month will affect my business?

 

Employment costs:

The National Living Wage was the talking point of the budget, with the Government introducing a new minimum wage of £7.20, which will rise to £9.00 by 2020. So if your wedding business employs staff this will have an impact on you.

Small businesses employing a significant number of staff on the minimum wage are likely to feel this change most, although there are some new measures from the Government to reduce the impact on the most vulnerable businesses…

A 50% increase to the national insurance employment allowance from £2,000 to £3,000 was announced, which will help small business owners to reduce their wage bill and could offset the increased Living Wage cost. 

Sunday Trading:

If you run your wedding business from a shop that is less than 280 sqm you will not have any restrictive hours for Sunday trading.

Local councils will now be given control over Sunday trading hours in their area, which could mean that many big retailers (over 280 sqm) and national chains will be able to stay open longer.

The Federation of Small Businesses has warned that small firms could be adversely affected, as bigger companies soak up a greater share of consumer spend on the weekends.

Taxation reporting:

At last The Office for Tax Simplification has been given further powers in this Budget to slash red tape, and as part of the 2016 Finance Bill, the OTS will put forward its recommendations for a reformed tax system. 

The tax return has already been moved online and further digitisation of tax reporting is set to take place over the coming years.

Corporation Tax:

This will fall to 19% in 2017 and 18% in 2020, but for start-ups and many UK small firms, which only generate a marginal profit, this is unlikely to have a big impact.

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