Autumn Budget 2018
Chancellor Philip Hammond today delivered his 2018 Autumn Statement with positive news for Contractors.
Changes to ‘Off-Payroll’ rules in the private sector have been delayed until April 2020 and small businesses will be exempt.
Contractors need to remember that nothing is yet set in stone, and there is plenty of time between now and April 2020 to prepare for changes.
Other key points to note
- Personal allowance rises to £12,500 from April 2019 and higher tax rate level to £50,000 – a year earlier than planned
- From April 2019 the National Living Wage will increase from £7.83 an hour to £8.21.
- VAT threshold remains at £85,000
- Stamp Duty abolished for all first-time buyers of shared ownership properties valued up to £500,000, applied retrospectively to the date of the last Budget
- £420million for potholes
- A one-off £400 million payment to schools to allow them to buy kit
- Tobacco duty escalator to continue to rise at inflation plus 2%
- Duty on beer, cider and spirits frozen for the next year
- Duties on wine to rise in line with RPI inflation and white ciders to be taxed at a new higher rate
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