With so many tax and other changes happening in April 2018, it was good news that no further spending measures or tax changes were introduced in the Spring Statement. However, plenty of consultations were announced.
Our accountancy partner, Barnes Roffe, has produced a helpful guide to the Spring Statement 2018 and Tax Facts for 2018/19. See:
Key changes for businesses coming into effect in April 2018 include:
- Income tax allowances and bands will rise by 3% in the UK (a different set of rates and bands will apply in Scotland to some earnings)
- National insurance contributions thresholds will increase by 3%
- Company car tax will increase
- Inheritance tax – the residence nil rate band will rise and the entire IHT system is to be reviewed with a view to simplifying
- Auto-pensions enrolment minimum contribution levels are changing – see our article
- Pensions lifetime allowance will increase
- Payments in lieu of notice will be subject to income tax and NIC
- Changes to venture capital trusts and enterprise investment schemes
If your business needs help with bookkeeping, payroll or HR support, contact Business Garage on 01235 433099 or [email protected] for a free consultation.