Budget 2017: Self-employed Hit with Higher Taxes

Self-employed writer Emma Simon explains the changes to National Insurance Contributions and dividend allowance in the Budget - and how the tax rise will affect her

Emma Simon 8 March, 2017 | 2:24PM

This week as part of our Guide to ISA Investing we reveal the top rated and top performing stock and fund ideas – as well as sharing where the experts stash their cash, the latest news from the 2017 Budget Report and how to reduce your tax bill.

The self-employed and those that run their own companies face a big tax rise, following announcements in the Budget.

The Chancellor Philip Hammond said these moves were to “improve fairness” between different types of employment. The five million people who are self-employed in the UK will face a phased rise in National Insurance contributions. Class 4 NICs, paid by the self-employed, will rise from 9% to 10% from April 2018, and then rise to 11% in April 2019. This compares to the 12% rate paid by employees.

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About Author

Emma Simon

Emma Simon  is a financial journalist, specialising in investment and consumer issues, writing for Morningstar.co.uk

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