This report looks in depth at how the Budget affects you with sections including Business, Personal, Duties, VAT and other announcements.
At a glance, the headlines are:
- 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 from April 2020.
- The personal allowance is to rise to £12,500, higher-rate threshold up to £50,000.
- A 4.9% increase will see the national living wage set at £8.21 an hour for over-25s.
- Stamp duty land tax abolished for first-time buyers of shared-ownership homes worth up to £500,000.
- Fuel duty unchanged at 57.95p per litre of petrol, diesel, biodiesel or bioethanol.
- Duties on beer, most ciders, and spirits remain unchanged for 2019/20.
- Cost of a bottle of wine to rise by 8p, in line with inflation, in February 2019.
- 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 UKs exit from the EU have been agreed.
- Qualifying conditions for entrepreneurs’ relief extended from 12 months to two years.
- Some employers to pay half of what they paid towards the apprenticeship levy – 10% down to 5%.
- Lettings relief limited to properties where the owner is in shared occupancy with the tenant.
To understand how announcements made in the Budget on 29 October 2018 will affect your financial situation – read more here