Rabbits, Top Hats, Pot Holes but where’s Alice as Fiscal Phil builds our Wonderland?

Date: 30th October 2018

The Budget yesterday had all the potential to be a fairy tale, but no! The annual forecasts are set to rise, more people are forecast to be in job by 2022, meaning the tax receipt projections are up, making more spending possible!

For Business

Philip Hammond put the focus on building business in the 2018 Budget.  With extra allowances for spending on Plant and Machinery, up from £200,000 to a massive £1 million for one year from 1st January 2019 to 31st December 2019. We recommend care is taken when planning expenditure especially when a business year end straggles those 2 dates because the allowance will be apportioned.

The same timing considerations should be given when building or improving a commercial property.  The new Structures and Buildings Allowance (SBA) will help those constructing or renovating a commercial building.

And a reduction of one third in the business rates for the small shops, bars, cafes and restaurants, not to mention a complete waiver of business rates on public loos, making it cheaper to do business on the High Street!

For Individuals

This Budget has hit business and property owners. The rules have changed for those wishing to dispose of their shares in their own company at a reduced rate of tax.  The criteria for claiming Entrepreneurs Relief (ER) has tightened, while those who rent out a former home have taken a blow too. The final period for the private residence relief has been reduced in addition to the Letting Relief having all but disappeared.

But on the positive side all individual basic rate taxpayers will be £130 per annum better off as the increase in personal allowances is brought forward by one year.

Lots of possible help in the Budget for businesses, large and small and we’re here ready to help. We believe it’s better to chat through all plans before taking any action and so if you would like to see how the 2018 Budget changes can help you, your family and your business, why not contact us on 01264 324103 or info@oaktreebm.co.uk.

Why not get in touch and see how we can help?

It’s free, it’s confidential and it’s completely without obligation. Simply send us a message or request a call-back and we will be delighted to contact you at the earliest opportunity to discuss your potential needs and share our experience.