Budget 2018

Income Tax Rates, Income Tax Reliefs, Tax Credits, Pension Premiums, Individual Savings Accounts, Fuel Benefits, Mileage Payments,Capital Gains Tax, Corporation Tax, Inheritance Tax, Stamp Duty Tax, Social Security, Value Added Tax, Capital Allowances...

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Budget 2018

On Monday 29 October 2018 Philip Hammond delivered the last Budget before Brexit. So what exactly did the Chancellor say and, more importantly, what did it actually mean?

Budget announcements contain many fundamental taxation changes which will affect business and personal lives for the year to come. Written in plain English, we have broken the summary down into the main areas of taxation, including business and corporate, employment, personal and capital. We have also included comments on the more important changes, together with any planning points that may arise.

We hope the summary will provide an invaluable update for you and help you get to grips with the changes.

Main Budget tax proposals

Our summary concentrates on the tax measures which include:

  • Increases to the personal allowance and basic rate band
  • Extending off-payroll working to medium/large organisations in the private sector
  • A temporary increase to the Annual Investment Allowance
  • Freezing the VAT registration threshold for a further two years
  • Changes to Entrepreneurs’ Relief and private residence relief
  • Measures to tackle the plastic problem
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