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.
Previous announcements include:
- Increases to the personal allowance and basic rate band (a decreased band for Scottish taxpayers) details can be found here:2017-18 rates and allowances;
- Reduction in the money purchase annual allowance (MPAA);
- Introduction of the Apprenticeship Levy;
- Changes to corporation tax loss relief;
- Introduction of an additional inheritance tax residence nil rate band;
- Changes for non-UK domiciled individuals.
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.