Autumn Budget November 2017 – Summary

Chancellor Philip Hammond has delivered his first Autumn Budget under the new system he announced this time last year. The aim of the new system is for the Finance Bill, which is normally published after the annual Budget, to reach Royal Assent...

Autumn Budget November 2017 – Business

Annual update to the Energy Technology List for first year capital allowances Finance Bill 2018-19 will contain provisions to extend First Year Tax Credits (FYTC) for five years and reduce the percentage rate of the claim to two-thirds of the...

Autumn Budget November 2017 – Individuals

Personal allowance and income tax threshold The personal allowance for 2018/19 is set at £11,850 (£11,500 in 2017/18), and the basic rate limit will be increased to £34,500 (£33,500 in 2017-18). The additional rate threshold will remain at...

Autumn Budget November 2017 – VAT

VAT: no change in registration and deregistration thresholds The VAT registration and deregistration thresholds will not be uprated for a period of two years. There will be no revisions to existing legislation and no new legal provisions will...

HMRC launch new business support service

HMRC have launched a new service designed to directly help mid-sized businesses as they expand and grow. The new Growth Support Service (GSS) will be open to some 170,000 mid-sized businesses registered in the UK who are undergoing significant growth, and who either...

OTS outlines future work plans

The Office of Tax Simplification (OTS) has published a paper outlining its future works programme, identifying areas of interest that the office will be looking at in the next twelve months and beyond. The OTS is currently working on a review of VAT, and expects to...

All change for termination payments

As confirmed in the 2017 Spring Budget, the tax rules governing termination payments will change from 6 April 2018. The term 'termination payment' is typically used as a generic summary for a lump sum payment, which is normally (but not always) made to an employee at...

Using the IHT gift exemptions

As Benjamin Franklin observed in 1789 'In this world nothing can be said to be certain, except death and taxes.' More than two centuries on, this statement still rings true! These days however, inheritance tax is often referred to as a voluntary tax, because there are...

November key tax dates

2 - Last day for car change notifications in the quarter to 5 October - Use P46 Car 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/11/2017 22 - Chancellor Philip Hammond will deliver the Government's Autumn 2017 Budget.

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