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Election 2019 | manifesto comparison & how it affects salon & barbershop businesses

With the election only days away, Salonfrog has compared the manifestos of the main 4 parties to see how their policies would affect the businesses of salons and barbershops. For this, we’ve ignored Brexit and Indi ref 2 and instead concentrated on the tax implications of each:

In summary:

 CurrentlyConservativeLabourSNPLib Dem
Corporation Tax19% but by law will reduce to 17% Apr 2020Keep at 19%Increase to 21% (or 26% if income > £300k-Increase to 20%
Income TaxEngland, Scotland, Wales set their own but basic around 20%No changeNew 45% tax for income > £80kNo changeAll rate increase by 1%
National InsuranceEee:12% over £8,632 threshold
Ers:13.8% over £8,632 threshold
Raise threshold to £9,500.
Increase employment allowance £3k->£4k
-Devolve to Scotland.
Decrease Employers NI.
Increase Employment allowance.
Review the whole NI system.
DividendsFirst £2k - 0%
Basic rate 7.5%
No changeIncrease to income tax rates! Around 20%.
Withdraw £2k 0%.
--
ContractorsReview tax treatmentReview tax treatmentReview tax treatmentReview tax treatmentReview tax treatment
VAT20%
Threshold £85k
No changeNo changeNo changeNo change
Business RatesReviewReviewDevolve to Scotland and reviewReplace with commercial landlord tax
NLWAge 25+
£8.21ph
Increase to £10.50 over 5 years.
Reduce age to 23 (then to 21 by 2024)
Increase to £10 from age 16 in 2020Increase to £10 minimumTo review
  • Posted on December 7th, 2019 in General

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