Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech he stated that 'austerity is coming to an end - but discipline will remain'. He also promised a 'double deal dividend' if the Brexit negotiations are successful but stated that there may be a full-scale Spring Budget in 2019 if not.
Moore Green’s summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said they have included our own comments. If you have any questions please contact them for advice.
Main Budget tax proposals
The 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.
Previously announced measures include:
increases in car benefits
plans for Making Tax Digital for Business
extending the charge to gains on non-UK residents of non-residential UK property.