Autumn Budget summary of announcements

  • by Carole Jordan
  • 23 Nov, 2017
autumn budget summary small businesses businessheads brighton accountant and consultant
The Chancellor Phillip Hammond announced the following changes relevant to businesses yesterday.

What changes were made in the Autumn Budget for small businesses?

It was an unemotional budget with no big wins and thankfully, no more slaps in the face for small businesses. He did, at least, recognise that half of private sector jobs are in small businesses and hopefully he’ll keep that in mind.

Tax changes in the Autumn Budget

Small Business Rates - Some concessions on business rates to ease the adjustment to the new valuations.

Reduction in Stamp Duty Land Tax for first time buyers of properties to £500k.

Corporation Tax – abolition of Capital Gains indexation allowance on sale of assets.

Taxable benefits increase on Diesel Cars provided to employees

EIS & VCT investments - ‘Knowledge-intensive’ companies total investment through EIS and VCTs extended to £10m while investors benefit by an increase to £2m where the excess over £1m is invested in these companies.

R&D tax credit mainly for larger companies has been increased from 11% to 12%

Tax Free Personal Allowance from 6/4/18 will be £11,850 and higher rate tax will apply from £46,350.

Other changes from the Autumn Budget

National Minimum Wage increased to £7.83 for over 25s with increases for younger workers too

Online market places will be responsible for tax which should’ve been paid by their customers. They will be required to display a valid VAT registration number for their sellers.

Thankfully some things didn't change...

The VAT registration limit will not be reduced from £85k but will be frozen for the next two years whilst a consultation takes place to consider the issues around how the threshold restricts business growth.

We'll keep you posted on any other announcements and changes that come to light over the next few days. Remember to check back for our blog on Tuesday for the full story. You can stop by our Budget page for all the news, predictions and announcements as we get them.

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