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:
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.