Autumn 2017 Budget - What You Need To Know -

Autumn 2017 Budget – What You Need To Know

The Chancellor presented his Autumn budget to Parliament last week but what does this mean for you? Our Finance Director Simon Dickinson summarises the main points…

 

Stamp Duty

  • First time buyers of residential property outside of Scotland will pay no stamp duty on the first £300,000, as long as the property does not exceed £500,000

 

Personal Allowance & National Living Wage

  • The personal allowance as of April 2018 will rise from £11,500 to £11,850 meaning you can earn an additional £350 without incurring tax
  • For basic rate tax payers this is an annual saving of £70, being £5.83 per month in your back pocket
  • Higher rate tax payers band has increased also from £45,000 to £46,350 meaning an annual saving of £270, monthly £22.50
  • The national living wage of £7.50 per hour is increasing in April 2018 to £7.83 giving an annual rise of over £600 per person based on a 37.5 hour working week

 

Pension Lifetime Allowance

  • This has increased from £1million to £1.03m from April 2018
  • The annual allowance that we are allowed to invest in has not changed – £40k

 

Benefits In Kind

  • The diesel supplement for company cars will increase from 3% to 4% as of April 2018 – this will affect employees who have a company car via their P11D benefit
  • There is no BIK for employees who use company’s electricity to charge an electric car

 

ISA Limits

  • There has been no change to the ISA annual allowance of £4,000 but the annual limit for junior ISA’s will increase to £4,260

 

Making Tax Digital

  • HMRC are bringing in online reporting for companies and individuals (if you are a director or fill in a SATR) in terms of their income & expenses as of April 2019
  • This is deemed to reduce the tax gap of what is owed to HMRC for tax purposes and what is actually paid. There could be as many as 6 different reporting dates to follow

simon

 

Simon Dickinson
Finance Director
@SimonCMGroup

 

 

 

 

Leave a Reply