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Autumn Budget 2017 – SDLT for first-time buyers

23/11/2017 – As the Chancellor, Philip Hammond alluded to in his Budget speech there had been much speculation in the press that he would do something to alleviate the Stamp Duty Land Tax (SDLT) burden for first time buyers. However, he went a step further by introducing a temporary freeze in SDLT. SDLT for all first-time buyers making a purchase of … More...

Autumn Budget 2017 - VAT registration and deregistration thresholds

23/11/2017 – The taxable turnover threshold, that determines whether businesses should be registered for VAT, will be frozen at £85,000 for 2 years from 1 April 2018. The taxable turnover threshold that determines whether businesses can apply for deregistration will also be frozen at the current rate of £83,000 for the same time period. Businesses … More...

Autumn Budget 2017 – Income Tax Rates & Allowances

23/11/2017 – The Chancellor has confirmed that from 2018-19 the personal allowance will increase to £11,850 (an increase from the current £11,500) and the basic rate limit to £34,500. As a result, the higher rate threshold will increase to £46,350 from April 2018. These increases are part of the government’s commitment to increase the basic personal … More...

Autumn Budget 2017 - Minimum wage increases

23/11/2017 – The Chancellor used his Budget speech to confirm that increased National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to come into effect on 1 April 2018, subject to Parliamentary approval. The NLW first came into effect on 1 April 2016 and is the minimum hourly rate that must be paid to those aged 25 or over. From 1 … More...

Autumn Budget 2017 - Alcohol and Tobacco Duty

23/11/2017 – As part of the Budget measures the Chancellor announced that the duty rates on beers, ciders, spirits and wine will be frozen at the current rates. These measures will mean that a bottle of whisky will be £1.15 less than if the rates had increased as expected and a pint of beer 12p less. As the Chancellor said in his speech ‘Merry … More...

Autumn Budget 2017 – EIS and VCT scheme changes

23/11/2017 – As part of the Budget measures, several changes were announced to both the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) scheme. These schemes are designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies. The … More...

Autumn Budget 2017 – Research and Development (R&D)

23/11/2017 – R&D tax credits were introduced for Small and Medium Sized Enterprises (SMEs) in 2000 and for large companies in 2002. R&D credits are a Corporation Tax relief used to encourage innovation and enterprise within the UK economy. Large companies can currently claim an 11% Research and Development Expenditure Credit (RDEC) also … More...

Autumn Budget 2017 - Air Passenger Duty

23/11/2017 – Air passenger duty (APD) is a departure tax levied on most air travel. Each geographical band has two rates of air passenger duty, one for standard class and the second for 'other' higher classes of travel (usually premium economy / business / first class). Currently, band A (short-haul) ranges from £13 for a standard class journey and … More...

Autumn Budget 2017

22/11/2017 – Prospects for growth, especially for productivity have been downgraded, but the Chancellor was bullish in his forecasts for investment and the Government’s intention to sort out the slow pace of house building in the UK. A few non-tax comments of note were: Unemployment at its lowest rate since 1975. Chancellor is providing an extra … More...

Employment tribunal fees refund scheme is now open

22/11/2017 – Following the successful completion of the first phase of its refund scheme for employment tribunal fees, following the Supreme Court's judgment in July 2017 in R (on the application of Unison) v Lord Chancellor 2017 that the fees regime was unlawful, the government has now fully opened the scheme to anyone who thinks that they may be … More...

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