Autumn Budget e-newsletter
The Autumn Budget 2018
On Monday 29 October 2018 Philip Hammond delivered the last Budget before Brexit. So what exactly did the Chancellor say and, more importantly, what did it actually mean?
Our summary concentrates on the tax measures which include:
- increases to the personal allowance and basic rate band
- extending off-payroll working to medium/large organisations in the private sector
- a temporary increase to the Annual Investment Allowance
- freezing the VAT registration threshold for a further two years
- changes to Entrepreneurs' Relief and Private Residence Relief
- measures to tackle the plastic problem.
Budget announcements contain many fundamental taxation changes which will affect business and personal lives for the year to come. Written in plain English, we have broken the summary down into the main areas of taxation, including business and corporate, employment, personal and capital. We have also included comments on the more important changes, together with any planning points that may arise.
The Government reserve the right to make changes to fiscal policy at the Spring Statement if the economic circumstances require it. With the Brexit uncertainty these changes could include amendments to tax rates and allowances. The Spring Statement will take place in March 2019 and we will update you on pertinent announcements.
We have prepared this summary to outline the issues that are most likely to be of interest to you. We have included informative comments to help you assess the effect that the proposed changes may have on you personally and their significance. It will remain on our site for you to refer to as and when you need it but if you if you have a question concerning any of the issues covered in the summary, or would like advice on the best possible course of action in a particular area, please contact us.
A summary of this year’s Autumn Budget is now available.
Please click the link below to download your copy.Budget Summary