Autumn budget 2018 – download our tax guide
Well it was the first Monday budget since 1962 and a touch earlier than usual to avoid clashing with the forthcoming Brexit talks and it could be deemed as being a very generous budget, with the Chancellor Philip Hammond saying ‘this is a budget that shows the British people that the hard work is paying off’. It is of course likely to be reviewed again as part of our exit from the EU.
Amongst some of the giveaways, the tax threshold has increased for all earners, save for the 45% rate which still kicks in at £150k. Annual investment allowance (AIA) has increased – with companies able to claim against up to £1m expenditure made between 1st Jan 2019 and 31st December 2020. Notably there are changes to Entrepreneurs relief with the time required to meet certain criteria being increased from 1 year to 2 years from 6th April 2019.
Whilst we paw over the finer detail of the budget, we’ve put together a simple guide to show the key tax changes which you can download here.
Please note – this is a basic guide to highlight a number of areas outlined in the 2018 budget. It should not be used as a definitive guide, since individual circumstances may vary. If you have specific questions or concerns then please get in touch.
We’ll update with a broader view of the budget in due course.
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