Autumn Budget

It’s been a bit of a week here at Simplified Accounting HQ .. poorly child meant that my usual cup of tea and biscuits to watch the budget was actually cup of tea, cuddles and cartoons instead!!

But, the Chancellor wasn’t going to move the budget for anyone so on Wednesday 22 November, he carried on regardless and presented the stood up in Westminster and presented his summary of the economy, it’s outlook and the plans the government have for the next fiscal year and beyond .. do you think he noticed I wasn’t watching?!

As in prior years, we have our budget summary document available for purchase on the website .. if you are a client you should have a discount code to be able to access this for free, if you haven’t then please get in touch.

My top three take-aways for small businesses were:

  • 18/19 tax year - tax free dividend allowance will reduce to £2,000 from the current £5,000 allowance
  • The scrapping of Class 2 NIC has been pushed back a year so as to allow smaller / micro sole trader business who otherwise would not pay and NIC to have their concerns heard and considered
  • VAT registration threshold to be held at £85,000 for the next two years.

As always, any questions please do get in touch.

Rachael Savage