What the Summer Budget means for you as a contractor

Let’s start with some good news… The following rates will not increase for the lifetime of this parliament: Basic rate of income tax – 20% Standard rate of VAT – 20% Employers’ Class 1 NIC – 13.8% Employees’ Class 1 NIC – 12% Now let’s take a look at everything else…  Change in dividend tax and the abolition of 10% tax…