Book now for WPCC November 6th Breakfast Meeting at Nothe Fort with Richard Bugler from sponsors Albert Goodman giving his airing of the budget for businesses – All businesses welcome book here
After Theresa May’s promise to end austerity, all eyes were on Chancellor of the Exchequer, Philip Hammond, to see how he would deliver on Mrs May’s promise and indeed Mr Hammond reiterated Mrs May’s message that “austerity is coming to an end” but stressed that “discipline will remain”.
Mr Hammond committed to minimise tax on wages, leaving “more of people’s hard earned money in their pockets” and brought forward promised increases to personal allowances by one year.
Although Mrs May insists that Brexit will not affect the budget presented today, Mr Hammond is prepared to change the Spring statement to a full budget if required.
•Corporation tax to decrease from 19% to 17% in 2020 as previously announced
•Annual investment allowance to increase from £200,000 per annum to £1 million from January 2019
•Structures and buildings allowance of 2% introduced for new non-residential structures
•Capital allowances via the special rate pool to reduce from 8% to 6% from April 2019
•Relief for capital losses to align with relief for income losses
•Targeted relief for the purchase of intellectual property to be introduced from April 2019
•Apprenticeship levy to be halved from 10% to 5% for small companies
•New UK digital services tax to be introduced from April 2020 to target tech giants
•Research and development reliefs for small and medium businesses to be restricted to PAYE
•Business rates for retailers with a rateable value of £51,000 or less to be cut by one-third for the next two years
•Business rates reduced for public lavatories
•Off-payroll working rules will be extended to large and medium businesses in the private sector from April 2020
•Employment allowance to be restricted to employers with an employer’s national insurance bill of less than £100,000 from April 2020Individuals.
•Personal allowance to increase to £12,500 from April 2019, one year earlier than previously promised
•Higher rate threshold to increase to £50,000 from April 2019
•Personal allowance and higher rate threshold to increase with inflation from April 2021
•National living wage to increase from £7.83 to £8.21 from April 2019
•Entrepreneur’s relief ownership condition to increase from 12 months to 24 months
•Main residence relief for the last 18 months of ownership to reduce to last 9 months of ownership
•Lettings relief to be restricted to shared accommodation only from April 2020
•Stamp duty land tax abolished for first time buyers of shared-ownership properties valued up to £500,000
•Universal credits are here to stay but further details will be announced for those moving from existing tax credits
•No levy on single use cups, instead introduction of ‘plastic tax’ on goods containing less than 30% single use plastics•Fuel duty frozen for another year•Beer, cider and spirits duty frozen for one year•Air Passenger Duty for short-haul flights frozen•Tobacco duty to continue to rise at inflation plus 2% •Special 50p coin to be released on Brexit
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