About Us
Contact Us


Foreman's Podcast23-Sep-2019

Listen to our Senior Partner discuss Self Assessment on CalonFM with p..

The Pharmacy Show18-Sep-2019

Looking forward to the next few days, preparations ..

HMRC's positive news26-Jun-2019

Nice to read some positive news from HMRC Key findings from the Measu..

Budget 29.10.2018 - A Useful Summary


Following Phillip Hammond’s budget on Monday 29 October 2018 we have put together a brief summary of some of the announcements that we believe you may find of interest. 

Personal Taxation

  • Personal Tax Allowance 2019/20 and 2020/21 - £12,500.
  • Basic Rate Tax Band 2019/20 and 2020/21 – £12,501 to £50,000 in England and Wales.
  • Higher Rate Tax Band 2019/20 and 2020/21 – starts at £50,001 in England and Wales.
  • Tax Rates and Thresholds for Scotland will be announced on 12 December 2018.
  • National Living Wage for those aged over 25 to increase to £8.21 per hour.
  • Primary National Insurance Threshold 2019/20 - £166 per week.
  • Upper Earnings Limit for National Insurance - £962 per week.
  • Dividend Tax Allowance remains at £2,000 as at 06.04.19.
  • Capital Gains Tax Annual Exempt Amount for individuals 2019/20 £12,000.


  • Starting rate for savings will be kept at its current level of £5,000.
  • Cash and shares ISA’s combined limit £20,000.
  • Lifetime ISA limit £4,000.
  • Junior ISA limit £4,368.

Self Employment Taxation

  • Class 2 NI has not been abolished for 2019/20 and will be £3 per week.
  • Class 2 NI 2019/20 is payable above Small Profits Threshold £6,365.
  • Class 4 NI Lower Profit Limit £8,632.
  • Class 4 NI Upper Profit Limit £50,000.

Welfare and Pensions

  • The Lifetime allowance for pensions will increase to £1,055,000 for 2019/20.
  • Transport
  • No rise in fuel duty for ninth year in a row.
  • Air Passenger Duty will not increase.
  • E-Passport gates, i.e. those available to EU citizens, at airports are to be opened for use by people from USA, Canada, New Zealand, Australia and Japan.

Alcohol and Tobacco

  • Duty on beer, most cider and spirits frozen.
  • Duty on wine and higher strength sparkling cider will rise by RPI inflation from 01 February 2019.
  • Duty on cigarettes to increase by 2% above inflation from 6pm on 29 October 2018.
  • Hand rolling tobacco duty will increase by 3% above inflation from 6pm on 29 October 2018


  • VAT threshold of £85,000 will be maintained until April 2022.
If you want to discuss any of the items please do not hesitate to contact Foremans on 01244 625 500.


No Very

Captcha Image