Personal allowance increases to £11,850 so higher rate tax doesn’t kick in until £46,351.
If you pay anyone minimum wage it’s going to cost you more. National living wage increases to £7.83 National Minimum Wage age 21-24 £7.38 18-20 £5.90 Under 18 £4.20 Apprentice £3.70.
Transfer of marriage allowance extended to include allowances of deceased partners.
No stamp duty land Tax for first time buyers on homes up to £300,000.
Class 2 NIC to stay for another year, Increased to £2.95 per week Small profit threshold increased to £6,205.
Class 4 NIC remains at 9% but light relief offered by increasing lower profits limit to £8,424.
Dividend allowance down to £2,000 as previously announced.
Employment allowance stays at £3,000.
Corporation tax rate 19% but Indexation allowance on company capital gains has gone – Frozen at 2018 NB indexation allowance hasn’t been available to individuals for a while but remember you can rebase to 1982 values.
VAT threshold left at £85k frozen for two years – could be lowered in 2020.
Making Tax Digital for Businesses will be compulsory for VAT from 2019. Software will be required to comply.
Consultation announced to bring vouchers into the VAT scheme from 2018/19.
Arrangements being considered regarding options available re VAT on imports post brexit as currently, business can postpone accounting for this.
Mileage allowance being made available for individual property landlords.
Private use of company vans will incur a flat rate benefit charge increase to £3,350.
Fuel charge on van will be increased to £633.
Car fuel benefit charge also increases.
Research and Development Expenditure credit rate increases to 12% quite relevant, but not exclusive, to IT Companies.
New railcard to be made available for 26-30 year olds but cannot be used before 10am.