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Budget 2018 – At a glance

By Edward Tudor

Budget Concept. Budget Drawn on White Wall. Budget in Multicolor. Doodle Design. Budget Concept. Modern Style Illustration. Doodle Design Style of Budget. Line Style Illustration. White Brick Wall.

Business

  • Small retail businesses in England will see business rates reduced by a third.
  • The annual investment allowance is to rise five-fold from £200,000 to £1 million for two years.
  • Reforms to individuals working under IR35 are to be extended to the private sector by April 2020.
  • Corporation Tax to remain at 19%.

Personal

  • The personal allowance is to rise to £12,500, higher-rate threshold up to £50,000.
  • A 4.9% increase will set the national living wage at £8.21 an hour for over-25s.
  • Stamp duty abolished for all first-time buyers of shared-ownership homes worth up to £500,000.

Duties

  • Fuel duty unchanged at 57.95p per litre of petrol, diesel, bio-diesel or bio-ethanol.
  • Duties on beer, most ciders, and spirits remain unchanged for 2019/20.
  • Cost of a bottle of wine duty to rise by 8p, in line with inflation, in February 2019.

VAT

  • The VAT-registration threshold is to stay at £85,000 until April 2022.
  • The Government will revisit options for reforming VAT once final terms of the UK’s exit from the EU have been agreed.

Other

  • Qualifying conditions for entrepreneurs’ relief extended from 12 months to two years.
  • Some employers to pay half of what they currently pay towards the apprenticeship levy – 10% down to 5%.
  • Lettings relief limited to properties where the owner is in shared occupancy with the tenant.

Please contact Edward Tudor for more information.

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