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Autumn Budget 2018: Was It Good For You?

Will the details back up the announcements?

 
 

POSTED BY JONATHAN VOWLES ON 30/10/2018 @ 9:00AM

In the Autumn Budget 2018 Spreadsheet Phil set the scene by getting everyone to reflect and agree that the economy is improved and ready for the challenge of Brexit. There were some pre-made promises and some new ones that were very welcome ...

What did Spreadsheet Phil announce in the Autumn Budget 2018?

What did Spreadsheet Phil announce in the Autumn Budget 2018?

copyright: ventdusud / 123rf

There's an extra £20.5bn for the NHS as the main highlight, £2bn for mental health, £1bn for Defence, £400m direct to schools for little extras, £10m for the air ambulance service and a £28bn fund for the roads including £420m just for potholes.

"This is an austerity-free budget! It's a budget for the future, for growth, a budget to stimulate business and investment!"

Who wouldn't want to stimulate business and investment, because business means more employment? But as ever, what he says is the headline, not the detail. If the headlines were all positive then that probably means that the negatives and tax raising aspects are in the details. These will become clear over the next few days and we need to wait and see.

In the meantime, here are the budget headlines. For the average man in the street, it does make a difference? Yes, it does:

  • Minimum wage up, Living Wage increases to £8.21 or about £17k pa

  • Personal allowances to go up in April 2019 to £12,500 - saving £130pa

  • 40% threshold up to £50,000 in April 2019 - saving £730pa

  • 3m new Apprenticeships last year and more to come

  • Tax on sale of your home has been tweaked, however, this only affects people who move out and keep their house

  • Frozen fuel duty again

  • Tax on Tobacco up by 2%

  • Freezing beer and cider duty again

  • Freeze duty on spirits

  • RPI tax increase on wine

  • Retrospective relief from stamp duty for more first time buyers

  • £500m extra for the Housing Infrastructure Fund to build more new homes

  • £28bn for a new national roads fund, including £420m for potholes this winter

  • Increase duty on gaming machines

  • Universal credit - additional financial protection including a slower reduction in loss of the allowance

For Businesses, it may well be a great budget as well:

  • Tax relief on investing in capital equipment - AIA increased to £1m from January 2019

  • Tax relief on investing in non-residential buildings

  • Funding for the British Business Bank increased

  • Employment allowance targeted for small and medium businesses

  • Entrepreneurs Relief qualifying period extended to 2years

  • Small business - VAT registration threshold unchanged for the next 2 years

  • Business rates - 1/3rd off bills of up to £50k

  • Tax Relief for public toilets - whether provided by councils or private business

But tax raising is on its way as well:

  • Contractors - Off payroll working rules extended to the private sector from April 2020

  • Digital services tax - Taxed at 2% on bigger online retailers (over £500m of UK generated revenues) to come into effect in April 2020

  • More tax avoidance measures - HMRC becomes a secured creditor in insolvencies

  • Tax on plastic packaging that contains less than 30% recycled plastic - from 2020

Of course, the budget is all about what the government is going to do. Of more importance is what you as an individual or a business are going to do. If you would like help reviewing your own budget and getting more from your business then speak to me!

"Would you like to know more?"

If you'd like to find out more about the Autumn Budget 2018 and what it means for you then do give me a call on 01234 752 566 or click here to ping me an email and let's see how I can help you.

Until next time ...

JONATHAN VOWLES


PS:

If you're looking for a new accountant to help grow your business, do visit www.jvca.co.uk and learn how JVCA can help you!


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More about Jonathan Vowles ...

I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.

My eclectic interests in growing and developing business span a number of areas … and can be summarised as strategic business advice and tax saving advice.

I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.

I relax by reading fiction and by getting away from the office in a campervan.

Telephone:

01234 752 566

Website:

http://www.jvca.co.uk


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