CONTACT US FOR A CHAT

Daniel English

Mobile: 07793 243804
Email: daniel@contadoraccountancy.co.uk

Louise Rogers

Mobile: 07540 261699
Email: louise@contadoraccountancy.co.uk

John Matthews

Mobile: 07730 490440
Email: john@contadoraccountancy.co.uk

Contador (associated with Louise Rogers Accountancy)

N2 04,

Columba House,

Adastral Park,

Martlesham Heath,

Ipswich,

Suffolk,

IP5 3RE

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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