Budget Autumn 2018

Some of the key highlights of this year Autumn budget:

Personal Allowance

The tax-free Personal Allowance, i.e. the amount you can earn before having to pay Income Tax, will rise by £650 to £12,500 from April 2019, a year earlier than planned.

Stamp Duty

All first time buyers purchasing shared equity homes up to £500,000 will be exempt from Stamp Duty Land Tax.

The Higher Rate Threshold

The amount you have to earn before you pay tax at 40%, will increase from £46,350 to £50,000, again from April 2019.

IR35 to be expanded

IR35 will be rolled out to contractors in the private sector from April 2019.

National Living Wage

(NLW) boost for those aged 25 and over will increase 4.9% from £7.83 per hour to £8.21 per hour from April 2019.

UK digital services tax

New 2% UK digital services tax announced. Charged on the UK- generated revenues of big tech firms with at least £500m a year in global revenues.