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.
On a quick review of Autumn Budget 2017, the following snippets may be of interest to our clients in particular:
- Tax free personal allowance increased to £11,850 for 2018/19;
- Basic rate band increased for 2018/19, however the Scottish Government will announce the Scottish income tax rates and bands for 2018/19 in the Draft Budget next month for Scottish taxpayers;
- Changes to Research and Development tax credit rules;
- VAT registration threshold of £85,000 frozen for two years;
- ‘Indexation allowance’ for company capital gains will be frozen from January 2018.
Previous announcements include:
- Reduction in the Dividend Allowance to £2,000 from 6 April 2018;
- Changes to NIC for the self-employed;
- Making Tax Digital timeframe;
Have a look at the information notes on gov.uk’s website for more:
Image courtesy of PA
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.