Chancellor Phillip Hammond’s release of the 2018 Autumn Budget revealed a number of changes for small business owners. Below is a brief summary of some of the changes small business owners should be aware of.
Personal Tax Allowance
The personal allowance will be rising to £12,5000 for basic taxpayers and £50,000. This is a big win for tax payers who are likely to have significantly more in post-tax income.
Using tax to support bricks-and-mortar shops
With the highly publicised ‘death of the high street’, a Future High Street Fund has been proposed that could benefit shop owners. Within the budget their would be a budget worth over £675million.
Save up to £8,000 in tax as a small business owner
Cuts to business rates for the smallest of small businesses have been announced. Businesses with a value of £51,000 or under will see their bill cut by a third over a two-year period. This is likely to lead to savings of up to £8,000.
Green taxes on UK taxes
The worldwide push for improvements to the environment has lead to the proposal that companies manufacturing plastic that is less than 30% recyclable will face a levy. There have also been mentions of plastic cup taxes.