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 remains, as does the 7.5% dividend rate for the “basic rate” band and 32.50% at the higher rate and 38.1 at the additional rate (currently £150,000 of total income)