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Budget 2018

Budget 2018

Philip Hammond delivered his 2018 Budget on Monday afternoon. As expected Brexit cast a long shadow over affairs and the Chancellor was clear that a no deal scenario would mean another Budget in the Spring. The main measures worthy of note for our clients are set out below.

Budget 2018: Business Rates – retail

Business rates for retail premises will be reduced for two years by one third from April 2019 for properties with a rateable value of less than £51,000. This is a welcome relief to many small retailers, but for some it is too little too late.

Budget 2018: Extension of IR35 reform to the private sector

IR35 legislation refers to the “disguised employment” rules which have been in place for many years but are back in the news because HMRC have been successful in a number of high-profile cases, including that between them and Christa Ackroyd’s own company. She was a presenter at the BBC, who claims that the BBC insisted(…)

Budget 2018: Personal Tax

The commitment by this government to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 has been accelerated by a year and will now take effect on 5 April 2019. This measure will lead to a tax reduction for many of our clients (though if you drink wine, some of the(…)

Budget 2018: Minimum wage

The minimum wage for workers over 25 years of age will increase from £7.83 to £8.21 per hour from April 2019.  This amounts to an increase of £690 per year for a full time worker. Confusingly George Osborne had previously renamed the minimum wage as the national living wage, not to be confused with the(…)

Budget 2018: Making Tax Digital

Anyone hoping for a last minute reprieve from the introduction of making tax digital was disappointed.  The measure will go ahead as planned in April 2019, meaning that VAT registered businesses with turnover over the VAT threshold (£85,000) will be required to keep digital records and make digital returns from the first VAT return starting(…)

Budget 2018: Other Budget items

The annual investment allowance has been increased to £1 million for qualifying expenditure on plant and machinery for the two years from 1 April 2019. Whilst this will not affect many clients’ own capital expenditure programmes it may be helpful to clients selling plant and equipment to larger organisations, who may accelerate capital programmes to(…)

Budget 2018: Corporation tax, dividend tax and VAT

No major changes were announced in the 2018 budget for the following: Corporation tax rates remain as previously announced as From 1 April 2018 – 19% From 1 April 2020 – 17% The VAT threshold remains at £85,000 The dividend allowance, where the first £2,000 of dividend income in a tax year is tax free(…)

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