/widgets.js";var sz=d.getElementsByTagName(s)[0];sz.parentNode.insertBefore(z,sz)}(document,"script","zb-embed-code"));

Budget 2018

Posted by: Malgrabooks
Category: MalgraBooks

We’ll be adding details here about the 2018 Budget as they are announced.

Updated: 16.45

 

Currently Confirmed (relevant to self employment)

  • New start-up loans funding for 10,000 people
  • VAT threshold staying at £85,000 until 2022
  • Freeze on fuel duty (9th successive year)
  • Personal Allowance remains at £11,850. Increases to £12,500 from April 2019
  • 40% tax banding remains at £46,350. Increases to £50,000 from April 2019

 

Other Items

  • National Minimum Wage increase to be announced next year
  • Living Wage increase to £8.21
  • University Credit allowance increasing by £1,000
  • Online gambling tax increase by 21%
  • New railcard (millennial)
  • APD (Passenger tax) – increase with inflation
  • Wine duty: RPI increase
  • Spirits duty: frozen for next year
  • ‘White’ cider: tax will increase
  • Beer and Cider duty: frozen for next year
  • Tobacco – inflation +2% increase
  • Plastic cups: No taxation at the moment
  • Plastics: tax on manufacture and importing of plastics with less than 30% recycled materials
  • £10m to deal with abandoned waste sites
  • £12m in fishing technology following brexit
  • £10m for self employed in Greater Manchester to increase skills
  • Business rate bills cut for small businesses
  • £1bn to small housebuilders to build more homes
  • Housing programme – stamp duty for first time buyers abolished further (to £500,000)
  • Business rates relief for public toilets
  • Changes to IR35 payroll rules for large and medium-sized firms in the private sector
  • ‘Future Highstreets Fund’ (£675m) to invest and redevelop unused commercial areas
  • Crack down on insurance companies using overseas locations (to avoid tax)
  • UK Digital Services tax to focus on larger internet-based companies (from 2020)
  • FCA (Financial Conduct Authority) – expanding access to the Ombudsman
  • E-Passport gates opening to other countries (such as America, Canada, Australia and Japan)
  • Investment Allowance (for businesses) increased to £1m
  • No new PFI (public-finance initiative) contracts in public sector
  • Centre of Excellence to be made to look at poor performing / get best value from Government contracts
  • £1bn to Ministry of Defence to boost cyber capabilities and anti-submarine warfare capacity
  • £400m to schools (On average £10,000 per primary, £50,000 per secondary)
  • £420m to local councils towards fixing potholes
  • VAT rebates on upgrades to village halls
  • £650m in grants to English Councils (2019/20)
  • £20.5bn to NHS over next 5 years
  • New mental health A&E centres
  • £500m set aside to prepare for no-deal brexit
Author: Malgrabooks