Chancellor accused of 'tax raid' in United Kingdom budget

Hammond pledges extra £2bn to help tackle social care crisis

Budget 2017: Chancellor eases the pain on business rates

Business owners and the self-employed - 15.1% of the United Kingdom population - received a further blow as Hammond tried to close the gap between the amount of NICs paid by employees and those working for themselves.

Hammond allocated £2 billion for adult social care over the next three years, but the Jewish charities said the Government needed to go further and announce plans to secure long-term funding.

"Finally, the mandating of Making Tax Digital for Business (MTDfB) for unincorporated businesses who will need to report quarterly to HMRC has been high on the agenda for tax advisors and accountants".

The change will mean you can hold around £60,000 in shares without having to pay dividends, depending on the yield on your shares.

A number of MPs and businesses have also voiced concern about the move, which will see Class 4 NICs for the self-employed rise from 9 per cent to 11 per cent by 2019. It remains to be seen how the new arrangements will affect this.

Hammond's "aggressive" cuts to the tax-free dividend allowance came as an unwelcome surprise, with the previous level only having been in place for less than a year. However, this will fall to £2,000 from April 2018.

Instead, it will be brought forward for legislation in the autumn after proposals for extra rights for self employed workers are published.

"When we spoke to South West business leaders at a recent series of events, more than three-quarters said that lack of infrastructure investment is holding the region back".

'This means a transparent and fair system of valuation and appeals is vital to provide greater certainty of cost and income to businesses and allow councils to release the money now put aside to cover the risk of appeals to invest in vital local services'. "I'm sure many voted on that basis and they feel betrayed". Now the threshold is £83,000.

Cllr Asima Shaikh, Islington's executive member for economic development, said: 'Small businesses in Islington face massive central government increases in business rates bills from 1st April and today's announcements by the Chancellor will do little to ease the pain'. The threshold for de-registering for Value-Added Tax will also increase from £81,000 to £83,000 at the same time.

He declared: "Under the last Labour government corporation tax was 28% - by the way, they don't call it the last Labour government for nothing".

In attempting to tax those who run their own business the same as employees, the additional risks and limited entitlements that the UK's small business owners and freelancers endure are conveniently overlooked.

Bomb threat rocks Brooklyn Jewish senior center
Lorde Announces Release Date for Her Upcoming Album Melodrama