The Autumn Budget 2018 – everything you need to know
The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. Our summary focuses on the latest tax measures which may affect you, your family or your business. To help you decipher what was said in the latest Budget, we have included our own comments. If you have any questions, please contact us for advice.
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.
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.
The Autumn Budget 2018 broken down
Some Budget proposals may be subject to amendment in the 2019 Spring Statement and subsequent Finance Act. You should contact us before taking any action as a result of the contents of this summary.