News: The Budget for design businesses
The Chancellor of the Exchequer, Philip Hammond, presented his Budget to Parliament last week. Benefits for design businesses include bills to be cut by one-third for retail properties with a rateable value below £51,000. The budget also outlines a package of reforms to strengthen the role of employers in the apprenticeship programme, such as contributions from SMEs which are set to be halved. Entrepreneurs’ Relief will be extended from 12 to 24 months and IR35 – the country’s anti-avoidance tax legislation – will be reformed in April 2020, with responsibility for operating the off-payroll working rules moving from individuals to the organisation. This will not apply to small organisations. The Budget also sets out further steps to deliver new homes. It will provide £291 million for 18,000 new properties to be built in east London and an additional £653 million in 2021-22 for strategic partnerships with nine housing associations to deliver over 13,000 homes.