As we expected with Brexit looming, there was wide speculation that this would be a balanced budget with no great surprises.  The Chancellor in his first Autumn Budget delivered what was a relatively quiet one for UK businesses, however there were some key points in his speech that you and your business need to be aware of:-

Your business

  • Increase in R&D expenditure credit for certain companies from 11% to 12% from 1 January 2018
  • The removal of the capital gains indexation allowance for companies from January 2018
  • Increase in the Enterprise Investment Schemes investment limit for knowledge businesses from tax exemptions of £1million to £2million
  • Business rates to be held to CPI inflation measure and not RPI, which could generate significant savings to businesses
  • National living wage to increase to £7.83 in April 2018
  • VAT threshold for small businesses will be held at its existing level of £85,000 for the next two years
  • E-commerce marketplaces to be jointly and severally liable for unpaid VAT by UK and foreign merchants who use their platforms in an attempt to combat online fraud

Your personal finances

  • The personal tax-free income tax allowance will increase to £11,850 in April next year and higher rate income tax threshold will increase to £46,350
  • Proposed increase in national insurance contribution to 10% withdrawn and plans to change the related NIC policies delayed by 12 months
  • From 22 November this year, first time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax in England
  • The rise in fuel duty for both petrol and diesel cars originally planned for April 2018 has been scrapped
  • A rise in April 2018 in vehicle excise duty for any diesel cars that fail to meet the latest emission standards (this will not though apply to vans)
  • 1% increase in company diesel car tax

You can download a free copy of our full Budget report, which provides you with full details of the Chancellor’s announcements by clicking the link below.

Click here to download your free budget report