Multi award-winning Salhan Accountants is advising dentists and dental practices to consider the potential impact that changes made in last month’s Autumn Statement could have on their business and day-to-day operations.
Firstly, stepping up to the despatch box on 23 November, Chancellor Philip Hammond announced that another increase in the National Living Wage (NLW) would take effect from April 2017.
He confirmed that the National Living Wage (NLW) for workers over the age of 21 will be increased from £7.20 an hour to £7.50 – meaning that any dental practices with staff on the minimum wage will need to ensure that their payroll is updated.
Secondly, the Chancellor announced changes to the alignment of employer and employee thresholds for National Insurance Contributions (NICs), which will now be set at £157 per week.
Thirdly, Mr Hammond said that the salary sacrifice scheme and benefits in kind would effectively come to an end for employees, outside of some exceptions made for pensions, childcare and ultra-low emission vehicles.
Finally, Mr Hammond reiterated his predecessor George Osborne’s commitment to reduce Corporation Tax to 17 per cent by 2020.
Salhan Accountants is a multi award-winning firm which prides itself on keeping up to date with any financial news and information which may affect the sector. For more information about our specialist tax and accountancy services for dentists, please contact us.