What the Autumn 2017 Budget means for dentists

News From: www.bda.org/news-centre

Chancellor Philip Hammond delivered the Autumn Budget on Wednesday 22 November. We have summarised the key points which will be of interest to dentists.

NHS

The Chancellor announced an extra £10billion will be invested over the course of this Parliament to support the NHS Sustainability and Transformation Plans.

There will be an additional commitment of resource funding of £2.8billion to the NHS in England.

Potentially the Government will relax the public sector pay cap from April 2018 for nurses, midwives or paramedics.

Education, science and research

From next April graduates will not have to pay back their student loans until they are earning £25,000 a year.

There will be £2.3 billion for investment in research and development.

Public health

Duty on beer, wine, spirits and most ciders will be frozen but high-strength alcohol will see an increase.

Tobacco will continue to rise by two per cent above Retail Price Index (RPI) inflation, while the minimum excise duty on cigarettes introduced in March will also rise. And hand-rolling tobacco will increase by additional one per cent.

Tax

From April the National Living Wage will increase from £7.50 an hour to £7.83. The amount you can earn before paying tax will rise to £11,850 from April 2018.

The higher rate of tax will increase to £46,350.

VAT threshold for small business will remain at £85,000 for two years.

Businesses with turnover above the VAT threshold will not be mandated to use Making Tax Digital until April 2019, and then only for VAT obligations.

The Government pledged not to widen the scope of Making Tax Digital until the system has been shown to work well, and not before April 2020 at the earliest.

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