13 Nov Budget 2018
The budget is out and here is how it may affect you…
We have picked out a selection of key points, but also provided a link to a more detailed write up from our Partners Haines Watts Business Advisers and Accountants:
- Personal Tax – both the personal and higher rate threshold have been increased to £12,500 and £50,000 respectively which is great for your employees.
- National Living Wage – The minimum NLW will increase from April 2019 to £8.21 per hour and increase of 4.9%
- VAT – The threshold will stay the same for the next 2 years
- Apprenticeships – To help build on the talent pool of the future the contributions for apprenticeships for some employees will be reduced to 5%
- Research and Development – Tax Relief restrictions are changing and will be based on the level of PAYE/NIC liability of the claimant. This may only affect companies with a very high proportion of sub-contractor and material costs in their claim.
For more details please visit https://www.hwca.com/opinion/autumn-budget-2018-key-points/