The Autumn Budget 2018 last week included a few elements of interest for the business world. A smattering of new tax breaks tempered with measures to reduce abuse of reliefs brings a mixed bag of changes for our clients. Here is our quick round-up of the key points that could impact you and your business:
- From April 2019, a cut in business rates of a third for small retail properties in England with a rateable value of up to £51,000
- First-year tax relief on energy and water efficient plant and machinery to be scrapped from April 2020
- New commercial structures and buildings allowance for new contracts from October 2018 will be eligible for a 2% a year capital allowance
- Annual investment allowance will increase from £200,000 to £1 million for two years, starting in January 2019
- PAYE restriction on SME Research & Development tax relief to prevent abuse of the system
- Introduction of a plastics levy on companies using both imported ad UK manufactured packaging that doesn’t contain at least 30% recycled material
It will be interesting to watch how the business sector evolves over the coming months, with the expected turbulence around Brexit playing a significant role in how organisations adapt to the challenges faced.
Your accountant should be able to provide you with further information on how the recent budget announcements will impact your business. Our network includes links to a number of accountants and financial experts so please call us on 03330 433 233 if you would like to be put in touch with an expert.
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