So the votes are in, weve heard the Queen’s speech and Conservatives are once again residing in Downing Street. After a few weeks of uncertainty regarding the new minority government, the State Opening of Parliament took place on the 21st June. During the event, the Queen outlined draft laws planned by the newly formed government. Here’s a look at three of the Bills which could impact small businesses.
Having dropped “great” from name of the repeal bill, many people were left feeling like the entire thing had been a bit of spin. However this Bill is designed to end the supremacy of EU law in the UK, transferring EU law to the UK statute book. This effectively protects areas such as workers’ rights and the regulation of financial services – without it, when the UK leaves the EU these laws wouldn’t have a legal standing in the UK.
This is one that will affect many businesses of all different sizes who trade outside the UK. However from what we’ve seen so far, the current details are quite vague so it will be interesting to see what happens with it.
National Insurance Contributions Bill
This Bill will officially formalise the Conservative’s bid to scrap Class 2 NICs for the self-employed in 2018. That’s definitely some good news many have to look forward to next year. Keep an eye out in the autumn Budget for any changes in Class 4 NICs though, as it’s something that has been discussed and hasn’t been ruled out.
There will no doubt be more to come as Brexit unfolds and the government starts pushing laws through. But if you have any questions about what changes could affect you, contact us here.