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News - Autumn Budget 2018

 

 

Income Tax

The personal allowance (£11850 in 2018/19) will increase to £12500 in 2019/20.  Higher rate tax threshold is to be decreased from £46200 to £45000.


National Insurance


Employer and employee National Insurance thresholds to be set at £166 per week from 6 April 2019.

 

VAT

The standard rate will remain at 20%.  The turnover threshold for VAT registration is £85000 and the threshold for VAT registered businesses wishing to cancel their registration is £83000.  These amounts to remain in force until 31 March 2022.



Corporation Tax


The Corporation Tax rate (19% in 2018/19) will remain at this level and then fall to 17% in 2020/21.