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BUDGET 2015: HOW IT AFFECTS YOU

He described it as a Budget that "works for you", but Chancellor George Osborne's speech should be regarded as a Budget of aspiration.

Some measures announced by the chancellor will take effect relatively soon, so what do these announcements mean for your finances? And was it good for grooms?

The key changes that are likely to affect grooms are:

1. Annual Tax Returns are to be abolished and be replaced with real-time online accounts – a simplified system (that will make life easier for freelancers)

2. National Insurance to be abolished for under 21’s and Apprentices as of April 5th

3. Fuel duty will be frozen – good news if you drive many miles to get to your clients

4.The Personal Tax Free Allowance to increase to £10,800 next year and £11,000 year after – this means you will not pay any tax until you reach this threshold – especially good news for low earners as it will result in more money in your pocket.

5.The National Minimum Wage will increase by 20p an hour to £6.70 from October. The statutory minimum for 18 to 20-year-olds will also go up by 3% from October, from £5.13 to £5.30, and by 2% for 16 and 17-year-olds, taking the rate to £3.87.

6.There will be a further increased focus on tax avoidance with new criminal offenses for those that avoid paying taxes.

7. And for those party grooms ….Beer duty will be cut, with 1p off a pint. Cider and spirits duty will be cut by 2%.



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What the personal accident policy covers you for:

  • Whilst at work
  • All stable duties – mucking out, grooming, washing off, turning out
  • Clipping
  • Riding – including hacking and jumping
  • Hunting
  • Lunging
  • Breaking in
  • Holding horse for a vet and other procedures
  • Travelling horses both in the UK and abroad
  • Competing in line with your job including: jumping, dressage, eventing
  • Injuries that may happen to you whilst you are teaching - but you must also be grooming as part of your duties and not be a sole instructor

What the personal accident policy doesn’t cover you for:

  • Riding in a race, point to point or team chase
  • Stunt Riding
  • Accidents occurring whilst travelling to and from work
  • Riding and competing your own horse (but you can upgrade when applying for membership to include this)
  • Public Liability – this is a separate insurance policy - the Freelance Groom Liability Insurance
  • Care Custody and Control – this is a separate policy - the Freelance Groom Liability Insurance

If you require additional cover then please contact KBIS directly.

   GROOM  RIDER  EMPLOYER

When you are working for other people you do most of the following; muck out, turn out/catch in, tack up, groom horses, exercise Horses (including hacking, jumping and schooling), in the care of your employer/client.

 
YES

 
NO

 
NO

Predominantly ride horses for other people including schooling, exercising and competing.   
NO
 
YES

YES
 Provide grooming services for someone else either full time or on a freelance basis i.e. an employer or a client.   
YES

NO

NO
Employ staff – have an employers liability policy in your name NO NO YES
Buy and sell horses NO YES YES