• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Top notice bar

Call us on 08000 388799

Avanti Tax Accountants HomepageAvanti Tax Accountants

Bookkeeping, Accountancy and Taxation services

  • Home
  • About Us
  • Our Services
    • Bookkeeping & Accountancy
    • Corporation & Personal Tax
    • Payroll & CIS
    • Company Secretarial Bureau
    • Budgeting, Forecasting & Business Valuations
    • Mentoring & Business Coaching
    • Software & Training
  • Our Accountants
  • News & Insights
  • Send An Enquiry
Home » News & Insights » Avanti’s Snap Shot Budget Overview!

Avanti’s Snap Shot Budget Overview!

Posted on 29th October 2018

This is the final Budget before the UK leaves the EU

The era of austerity is finally coming to an end

“We are no longer borrowing at all” to finance everyday spending, says the Chancellor.

Debt has now peaked and falling

  • 5B for NHS over next 5 years
  • A new mental health crisis service in NHS, with 24 hour crisis hotlines
  • Review of modernisation of armed forces, There will be an additional £1billion to the MOD to cover the remainder of this year, and next year.
  • 160M for Counter Terrorism police funding
  • 10M for Air Ambulances
  • 400M for schools for extra kit needed
  • 420M for highways to tackle potholes now
  • Increasing annual investment allowance from £200,000 to £1million for two years.
  • Targeted relief for the cost of acquiring IP rich businesses.
  • Introducing a permanent tax relief for new, non-residential structures and buildings
  • Start up loans funding extended to 20/21
  • For small firms taking on apprentices, the amount they have to contribute to the apprenticeship levy will be halved from 10% to 5%.
  • Letting relief being amended – The Chancellor will limit lettings relief to those in shared occupancy with the tenant only, and reduce the final period exemption from 18 to 9 months.
  • Entrepreneurs’ relief will be kept but limited further.
  • IR35 being applied to private sector as public sector, from April 2020 applied to large and medium sized business
  • HMRC to be a preferred creditor for insolvencies
  • For next 2 years all businesses with rateable value 51,000 or less will have rates cut by 1/3
  • SDLT relief is being extended to all first-time buyers of shared ownership properties valued up to £500,000. Retrospective to last budget
  • VAT threshold being frozen for 2 years
  • Freezing fuel duties again
  • Beer and spirit duty froze
  • RPI increase on wine
  • White ciders taxed at new higher rates
  • Tobacco duty increased inflation + 2%
  • National Living Wage(minimum wage for over-25s) to rise from £7.83 to £8.21 in April 2019
  • Personal allowances to be increased from April 2019 to that already announced to be from 2020
  • Income Tax personal allowance(the amount all workers get tax-free) to rise from £11,850 to £12,500 in April 2019
  • 40p Income Tax threshold to rise from £46,350 to £50,000 in April 2019

Share this post:

Share on TwitterShare on FacebookShare on LinkedInShare on E-mail

Filed Under: News Tagged With: Austerity, Budget, Chancellor, Duty Freeze, Government, Income Tax, Living Wage

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

Footer

Navigate

  • Find An Accountant
  • About Us
  • News & Insights
  • Privacy Policy
  • Letter Of Engagement

Our Services

  • Software & Training
  • Mentoring & Business Coaching
  • Budgeting, Forecasting & Business Valuations
  • Company Secretarial Bureau
  • Payroll & CIS
  • Corporation & Personal Tax
  • Bookkeeping & Accountancy

Get In Touch

Tel: 08000 388799
Send us an enquiry

  • Facebook
  • Instagram
  • Twitter
Copyright © 2022 Avanti Tax Accountants · All Rights Reserved
Part of The Maurice J Bushell & Co Ltd Franchise (UK) Ltd · Company Reg: 10407313 and The Avanti Group (UK) Ltd · Company Reg: 04635630 · Created by Purple Hippo
  • So we can contact you to discuss your enquiry
  • So a member of our team from your area can contact you
  • By clicking ‘Send Enquiry’ you agree to receive contact from Avanti Tax Accountants using the details given above. We respect your personal information and your privacy and will not share or sell your information to other organisations. Please read our Privacy Policy for more information.
  • This field is for validation purposes and should be left unchanged.