Autumn Budget report 2017 – what you need to know

Autumn Budget report 2017 – what you need to know

As we expected with Brexit looming, there was wide speculation that yesterday’s Budget would be a balanced one with no great surprises. The Chancellor in his first Autumn Statement delivered what was a relatively quiet one for UK businesses, however there were some key points in his speech that you and your business need to be aware of:-

Your business

  • Increase in R&D expenditure credit for certain companies from 11% to 12% from 1 January 2018
  • the removal of the capital gains indexation allowance for companies from January 2018
  • Increase in the Enterprise Investment Schemes investment limit for knowledge businesses from tax exemptions of £1million to £2million
  • Business rates to be held to CPI inflation measures and not RPI, which could generate significant saving to businesses
  • National living wage to increase to £7.83 in April 2018
  • VAT threshold for small businesses will be held at its existing level of £85,000  for  the next two years
  • E-commerce marketplaces to be jointly and severally liable for unpaid VAT by UK and foreign merchants who use their platforms in an attempt to combat online fraud

Your personal finances

  • The personal tax-free income tax allowance will increase to £11,850 in April next year and higher rate income tax threshold will increase to £46,350
  • Proposed increase in national insurance contribution to 10% withdrawn and plans to change the related NIC policies delayed by 12 months
  • From 22 November this year, first time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax in England
  • The rise in fuel duty for both petrol and diesel cars originally planned for April 2018 has been scrapped
  • A rise in April 2018 in vehicle excise duty for any diesel cars  that fail to meet the latest emissions standards (this will not though apply to vans)
  • 1% increase in company diesel car tax

You can download a copy of our full Budget report on all the key business issues here.

If you would like to speak to one of our team about any of these changes and how they may impact on you and your business, please contact us. We’d be happy to talk through the details with you.

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