Post Budget Comment - PKF Francis Clark

John Endacott - PKF Francis Clark
John Endacott - PKF Francis Clark

Post Budget 2018 comment from John Endacott, Head of Tax at PKF Francis Clark
“Philip Hammond produced what was in effect an interim budget. Not quite crisis measures but all the new spending announcements were sticking ‘plasterish’ with a short term cut in taxes and more capital allowances. Interestingly, there was nothing on the more complex tax topics such as pensions, inheritance tax changes or tax efficient investments”.
 
Key points for Individuals and Businesses
2019/20 Individuals

•    Personal tax allowance £12,500
•    Higher rate threshold £50,000
•    Capital gains annual exempt amount £12,000
•    National living wage increased to £8.21
•    Lifetime allowance for pensions will increase in line with CPI
 
2019/20 Businesses
•    Annual investment allowance increasing to £1m from 1 January 2019 to 31 December 2020
•    Apprenticeship contribution payable by SMEs reduced from ten percent to five percent
•    Structures and buildings allowance of two percent on straight line basis
•    Ending enhanced capital allowances for energy and water efficient plant and machinery
•    First year allowance for electric charge points

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