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Autumn Budget 2017: what did we learn?

28th November 2017

Chancellor Phillip Hammond delivered the first ever Autumn Budget statement on 22 November. While the second major financial statement of the year was low on headline announcements, there are still plenty of important upcoming changes that business owners and individuals need to know ahead of the next tax year.

Here are 4 key announcements from Autumn Budget 2017 that may affect the finances of businesses and individuals.

Stamp duty

All first-time buyers of houses worth up to £300,000 are now exempt from paying stamp duty. Individuals who live in high-price areas such as London will qualify for the exemption on houses worth up to £500,000. The remaining £200,000 will however attract a stamp duty charge of 5%.

Business rates

The uprating of business rates will be based on the consumer prices index (CPI) measure of inflation rather than the retail prices index (RPI) from April 2018. Inflation as measured by the CPI is generally lower than the RPI due its exclusion of certain goods and services.

VAT

The VAT registration threshold will remain at £85,000 for a further 2 years. This means that businesses turning over £85,000 or less each year will remain exempt from VAT.

Income tax

The personal allowance threshold will increase to £11,850 from April 2018, a rise of £350. The income tax higher-rate threshold will also rise to £46,350, an increase of £1,350.

Read our Autumn Budget 2017 report

Visit our website to read our guide to Autumn Budget 2017.

We are also available to chat if you would prefer to speak to one of our advisers about Autumn Budget 2017. Call 0117 305 2600 or email office@stone-co.co.uk for more information.

 

 

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