Autumn Budget 2018 Summary
Here at RA Accountants LLP, we have made our Autumn Budget Summary for 2018 available for download in PDF format.
To download please click HERE
This Summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances. At the back of the Summary you will find a calendar of the tax year with important deadline dates shown. We recommend that you review your financial plans regularly as some aspects of the Budget will not be implemented until later dates. We will, of course, be happy to discuss with you any of the points covered in this report, and help you adapt and reassess your plans in the light of any legislative changes.
• Manifesto pledge to raise Personal Allowance to £12,500 and higher rate threshold to £50,000 fulfilled a year early, in 2019/20.
• Off payroll working reforms to be extended to private sector engagers from April 2020.
• No changes to pension relief apart from inflation uplift to Lifetime Allowance.
• Tightening of CGT rules on Entrepreneurs’ Relief and Main Residence Exemption.
• Annual Investment Allowance for plant and machinery increased to £1 million for two years from 1 January 2019.
• New capital allowance for construction of commercial buildings introduced for expenditure from 29 October 2018.
• First-time buyers’ relief from Stamp Duty Land Tax extended to shared ownership schemes.
For a further discussion on how these changes may affect you and your business, contact us to arrange a no-obligation exploratory chat on 020 3301 7474 or alternatively contact Marketing Manager, Jeffrey –