The 2018 Autumn Budget at a glance!
Yesterday, after 72 minutes of continuous talking, Philip Hammond delivered his third speech of the Autumn Budget 2018 as Chancellor, highlighting many key points that will affect you and your business.
Here is a quick glance of some of the changes that were announced:
- From April 2019, Personal Tax Allowance will rise to £12,500 from £11,850 and for the Higher Rate Threshold, this will rise to £50,000 from £46,350. Future rises will be by reference to inflation.
- From April 2019, The National Living Wage will increase by 4.9% to £8.21.
- From April 2019, The National Minimum Wage will increase as per the low pay commissions suggestions.
- Small businesses will only need to pay 5% of the cost of apprenticeships instead of 10%.
- Annual Investment Allowance will be increasing to £1m for 2 years. (Currently £200,000)
- From 2020 Employment Allowance will reform for NI bills below £100,000.
- The CGT private residence relief will reduce to 9 months from the final 18 months exemption.
- From April 2020, IR35 will roll out to private sector and will only relate to medium and large sized businesses.
- There will be new digital services tax for large digital companies.
Click here to view our full summary of the 2018 Autumn Budget which offers a clear and concise overview of the main budget proposals, detailing on the matters relevant to you, your family and your business.
If you would like to discuss any key points in more detail, our team will be more than happy to help you.