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30th October, 2018
So, Philip Hammond has delivered the last Budget before Brexit and it turned out to be a rather political budget focussing on the end of austerity and a relaxation to a degree in fiscal policy.
We saw welcome increases in personal tax allowances, although National Insurance costs continue to be kept under the radar. For the SME business owner it was good to see that they were largely left alone after the dividend tax grab of recent budgets. There are benefits available from the increase in the Annual Investment Allowance but some tweaks to Entrepreneurs Relief and R & D Tax Credits could impact on some and need to be considered.
Our budget summary is attached, written in plain English, we have broken the summary down into the main areas of taxation, including business and corporate, employment, personal and capital. We have also included comments on the more important changes, together with any planning points that may arise.
If you have a question concerning any of the issues covered in the summary, or would like advice on the best possible course of action in a particular area, please do not hesitate to get in touch and ask for Mark.
Read the Autumn Budget here.