Autumn Budget 2018

Autumn Budget 2018 Overview

On Monday 29th October 2018 the Chancellor Philip Hammond presented his second Autumn Budget to the House of Commons.

We have summarised what we believe to be the tax announcements which may affect you, your family and your business. If you have queries about any of the information below or the Autumn Budget 2018 please do not hesitate to contact us.

 

Income Taxes – increases to the personal allowance and higher rate tax bands

 

National Insurance – changes to the £3,000 employment allowance and class 2 & class 4 changes abolished in this parliament

 

IR35 – the rules regarding disguised employees are to be extended effecting medium and large businesses in the private sector

 

Corporation Tax – the tax rates for Limited companies are to reduce from 19% to 17%

 

Annual Investment Allowance – the tax relief for investing in assets such as plant and machinery is to increase from £200,000 to £1,000,000

 

Capital Allowances – the special pool rate allowance reduces from 8% to 6% and a new allowance for buildings is introduced

 

DISCLAIMER – Please note that the content contained in this article is for general information only and is not a substitute for professional advice – read our full disclaimer

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