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Budget 2018 - VAT
Registration threshold frozen until 2022
The VAT-registration threshold was frozen at £85,000 until 1 April 2020 in the last Budget, and the Chancellor extended that until 1 April 2022. HMRC had consulted on the VAT-registration threshold following suggestions from the Office of Tax Simplification.
It is thought in some quarters that the registration threshold is a barrier to the growth of business and so this issue is likely to be revisited in subsequent Budgets.
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Budget 2018 - DUTIES
The following duties remain unchanged:
• fuel duty
• beer, and still and lower-strength cider
• spirits
• short-haul air passenger duty.
The following duties will increase by inflation (as measured by RPI) with effect from 1 February 2019:
• wine
• high-strength cider.
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Personal Allowance
The personal allowance increases from £11,850 to £12,500 from 6th April 2019. The allowance will also remain at this level for the 2020/21 tax year.
Basic-Rate Band
The basic-rate limit increases from £34,500 to £37,500 from 6th April, 2019.
Consequently, this will increase the higher-rate tax threshold from £46,350 to £50,000. This limit will remain in place for the 2020/21 tax year.
Starting-Rate Band
The starting rate band for savings will remain at £5,000 for the 2019/20 tax year.
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