The Chancellor of the Exchequer delivered his Budget Speech yesterday afternoon. In the 24 hours since then, there has been much talk of austerity coming to an end, to 15-year investment plans for City deals and of investment for Universal Credit.
For business, the key changes have centred around temporary increases to Annual Investment Allowance, new capital allowances for building structures, changes to the rules for eligibility for Entrepreneurs’ Relief and the repositioning of HMRC as a preferential creditor for VAT, PAYE and CIS deductions in insolvency situations.
For the individual taxpayer, the increased personal allowance and the higher 40% threshold are both welcome – no change on dividend taxes, however, and pension reliefs remain largely as they were.
We have uploaded a detailed outline of the Budget on our website which you can access here Budget 2018
If you have any questions or queries on any aspect of the Budget, please get in touch.
Posted on October 30, 2018