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Making Tax Digital - What You Need To Know For April 201908-Nov-2018

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Budget 29.10.2018 - A Useful Summary01-Nov-2018

Following Phillip Hammond’s budget on Monday 29 October 2018..

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Budget 29.10.2018 - A Useful Summary

01-Nov-2018

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.


Savings


  • 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


  • 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.


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