Our Comprehensive Budget 2018 Review

Philip Hammond presented his second Autumn Budget “for hard working families”, heralding the coming to an end of austerity. A range of spending measures were announced, together with a number of tax changes, which we have set out in our budget summary.
The headline is that entrepreneurs’ relief is staying although there have been some changes to ensure that the relief is being used for genuine entrepreneurial situations.
The team have put together a summary of the main tax changes that are likely to affect owner-managed businesses and personal taxpayers. Once the Finance Bill has been published on 7 November 2018 we will provide further comment on the some of the more relevant measures.

Budget analysis and comment

TECHNICAL AND INSIGHT

TECHNICAL AND INSIGHT
Download and share two key guides to the Autumn Budget

ACCA's Guide To... Autumn Budget 2018 and Guide To... Tax Rates and Allowances 2018 summarise the key information you need from the Autumn Budget.

IR35 extended to the private sector

As expected the chancellor announced the extension of IR35 to the private sector.

Any good news for landlords?

Landlords have had a rough ride in recent Budgets. Do they have any reason to smile this time?

Capital gains tax: letting relief

Reforms due from April 2020.

Crackdown on tax abuse for insolvent companies

Move expected to produce an extra £185million in taxes for the government.

Create an ASA now and beat the MTD rush

HMRC’s new Agent Services Account is about to add key services.

ACCA’s tax guides for 2018

Browse our new range of guides and checklists

IHT: changes to residence nil rate band

The value of any part of a residence that is inherited by an exempt beneficiary will be taken into account.

Government needs to focus on performance, not only cost, says ACCA

The headline thoughts of ACCA's experts on this year's Budget.

How to win MTD exemption

Making Tax Digital exemption need greater than for online VAT filing.

HMRC prepares to pull Welsh income tax trigger

One-week consultation on introduction of Welsh rates of income tax.

New tax on global digital businesses

2% tax will apply on the revenues of specific digital business models.

VAT MOSS under a no-deal Brexit

How the VAT Mini One Stop Shop scheme will work in a no-deal Brexit scenario.

Capital gains tax and corporation tax: a re-statement

Taxing gains made by non-residents on UK immovable property.

Qualifying period for entrepreneurs’ relief extended

Minimum qualifying period extended from one to two years.

Consultation on trusts

Focus will be on making the taxation of trusts simpler, fairer and more transparent.

Ceiling raised on small Gift Aid donations

£30 the new limit for Gift Aid Small Donations Scheme.

Pensions and savings

Pensions and savings allowances remained unchanged or increased in line with CPI.

SME apprenticeship training costs fall further

Non-levy SMEs now pay only 5% of training cost.

VAT: treatment of vouchers

Rules for the tax treatment of vouchers will be simplified from January.

Capital allowances – increases and a reduction

Changes to encourage investment were a theme of the Budget.

More support for savers

The government wants to make it easier for more people to save at all stages of their lives.

Council tax on holiday lets

Changes to business rates on self-catering and holiday let accommodation.

Tax relief for goodwill makes partial comeback

Intangible fixed assets regime made more competitive and manageable.

Complete guide to stamp duty land taxes

Download and share our Guide to Stamp Duty Land Taxes in the UK. 

R&D tax relief regime tweaked

Tech investment and competitiveness remain lodestars of relief regime.

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