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Autumn Budget 2018

Is it the ‘end of austerity’ as Chancellor Philip Hammond claimed in his Autumn Budget on Monday 29 October 2018?

We’ll leave you to form your own opinion there, but for now here is a brief summary following our review of Budget 2018 which may be of interest to our clients in particular:

  • Tax free personal allowance increased to £12,500 for 2019/20;
  • Basic rate tax band increased for 2019/20; however for Scottish taxpayers the Scottish Government will announce the Scottish income tax rates and bands for 2019/20 in the Draft Budget on Wednesday 12th December;
  • Extending changes to the way self-employment status is taxed (IR35) to the public sector for medium and large private companies from April 2020;
  • Annual Investment Allowance (AIA) – to be increased to £1 Million for all qualifying investment in plant and machinery made on or after 1 January 2019 until 31 December 2020;
  • VAT registration threshold of £85,000 frozen for further two years;
  • Changes to Principal Private Residence Relief/Lettings Relief from April 2020;
  • Changes to Entrepreneurs’ Relief, including minimum qualifying period increased from 12 months to 24 months from 6 April 2019.

Have a look at the information notes on gov.uk’s website for more:

https://www.gov.uk/government/collections/budget-2018

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Whilst we have no reason to believe the above is not accurate it is for general guidance only.  Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it.

Autumn Budget 2017

Chancellor Philip Hammond gave his Autumn Budget on 22 November 2017 but apart from the somewhat poor jokes what was in it for you?!

We think it was perhaps more what he didn’t do that made the difference, specifically by freezing the VAT threshold which had been rumoured to be reduced significantly bringing the extra burden of VAT to more small businesses and their customers.

The ‘headline grabber’ for first time buyers and the temporary reduction in Stamp Duty Land Tax (SDLT) does not, of course, apply here in Scotland with us having the Land and Building Transaction Tax (LBTT) so the ‘Tartan Budget’ is another one to watch out for and Finance Secretary Derek Mackay will be presenting the next Scottish Budget on 14 December.

The last Spring Budget?

Chancellor Philip Hammond gave what he described as the last spring budget but what was in it for you?!

On a quick review, the following snippets may be of interest to our clients in particular:

  • Increases to Class 4 National Insurance rates for Self Employed;
  • Reduction in the Dividend Allowance;
  • Changes to the timing of Making Tax Digital for smaller businesses;
  • Increase in cash basis threshold for smaller businesses.

Running for Charity – Edinburgh Marathon 29 May 2016

Pleased to report our founder completed the Edinburgh Marathon in 4h 10m 29s on what turned out to be a warm sunny day!  All worth it though as much needed cash raised for SSPCA, and thanks to all who have contributed.

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A big thanks to the support team too!

If you wish to contribute, the just giving link can be found here:

https://www.justgiving.com/fundraising/JohnBuick

Is your new tax coding correct?

We are seeing more errors in PAYE codings than before as HMRC’s systems move towards automated processing.

For example, projected underpayments are being included in codings for previous years when they shouldn’t be, and on occasion where one off pension payments are received, those are taken as continuing affecting personal allowances!

Whilst this may be a temporary system blip, in our experience it is best to check all codings carefully and speak with HMRC if you are at all unsure. If, of course, we can assist in doing this for you, why not give us a call?

Whilst we have no reason to believe the above is not accurate it is for general guidance only.  Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it.

About Us

We are an established small independent firm of chartered tax advisers based close to Edinburgh city centre and well placed to cover Edinburgh, West Lothian and Glasgow.

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Providing a personal, friendly and complete tax service at competitive rates. Listening to our clients and acting proactively in their interests to deliver best advice.

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