Autumn Budget simplified!

November 22, 2018

 

How will the budget impact on you and your business? Here is a summary showing the key elements of the 2018 Autumn budget. If you have and concerns or questions you would like to ask please give us a call.

 

Employers

  • From April 2020 IR35 extended to medium and large private sector businesses

  • From April 2020 Employment Allowance restricted to businesses with NIC bills below £100,000

Businesses

  • From April 2020 Capital losses offset restricted to 50% of gains   

  • £1 million Annual Investment Allowance for calendar 2019 and 2020

  • 2% Structural Buildings Allowance for contracts entered into on or after 29 October 2018 

  • From April 2020 Digital Services Tax at 2% of revenues for tech giants with global revenues of at least £500 million      

  • From April 2019 targeted relief for goodwill on the acquisition of businesses with eligible intellectual property

  • No Intangible Fixed Asset (IFA) degrouping charge from 7 November 2018 where degrouping is the result of a share disposal that qualifies for Substantial Shareholding Exemption (SSE)

Individuals

  • Entrepreneurs Relief qualifying period increased to 2 years and 5 % interest in distributable profits and net assets required

  • No abolition of Class 2 NICs in this Parliament

  • January 2019 consultation on 1% Stamp Duty Land Tax (SDLT) surcharge for non-residents buying residential property in England and Northern Ireland

Key rates

  • Personal allowance increases to £12,500 from 2019 

  • 40% tax rate threshold increases to £50,000 from 2019

  • National living wage £8.21 from 2019

  • £85,000 VAT registration threshold maintained until April 2022

  • No changes to rates of income tax, dividend tax, capital gains tax and corporation tax

  • Pensions lifetime savings allowance rises to £1,055,000 from 6 April 2019

     

     

     

     

     

     

     

     

     

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