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Budget 2018

The Chancellor of the Exchequer, Philip Hammond, delivered his Budget on Monday 29 October 2018.

Read our expert analysis and commentary here.

Hazlewoods Budget roundup

 

Expert analysis

Phil's drive for UK prosperity - Before the Chancellor stood up, the thoughts were that, with the Brexit position still uncertain, surely there wouldn't be much in it. Read more...

Employment taxes - Off-payroll working rules, usually where individuals provide their services through a personal service company (PSC), are commonly known as the IR35 rules. If such individuals would be regarded as employees, if directly engaged, the amount of tax payable under the IR35 rules should be broadly the same as for those employed directly. Read more... 

Charities - Measures to reduce the administrative burden on charities were announced as follows: Read more...

Stamp Duty Land Tax (SDLT) - First the good news, Mr Hammond announced an extension to First-Time Buyers Relief to those purchasing properties through a qualifying shared ownership scheme. Read more... 

Business rates - The Chancellor announced cuts in business rates to try to help high street businesses. Read more...

Pensions and savings - The pre-Budget gloom of pension advisers that tax relief on pensions contributions would be withdrawn, was once again misplaced. Read more...

Personal Tax - The Chancellor continued his commitment to increase tax thresholds, particularly for the low or average paid worker. Read more...

VAT - Once the terms of the EU exit are clear, the government will continue to consider ways of removing the 'cliff edge' impact of VAT registration, but in the meantime will maintain the registration threshold at the current level of £85,000 at least until April 2022. Read more...

Entrepreneurs' Relief - The fairly innocuous sounding announcement in relation to Entrepreneurs' Relief (ER) in the Budget speech painted a far simpler picture than that contained in the draft legislation. Read more...

R&D tax credits - The Chancellor announced in his Budget speech that a reform to the 'SME' scheme of R&D tax credits will be made with effect from April 2020. Read more...

Business tax changes - As expected, the Chancellor introduced some tax measures to stimulate investment in UK businesses. Read more...

 
 
 

Ruth Dooley's initial reaction