The budget was delivered on Wednesday 22nd November 2017 with various rumours flying around from VAT Threshold Reduction and Stamp Duty reduction, freezing of various taxes.

 We have taken all the points mentioned by Chancellor Philip Hammond on Wednesday and are giving you a brief snapshot of how can or does it affect you.

 Personal Allowance – For Tax Year 18/19 the peronal tax allowance will rise to £11,850

 Higher Rate Tax Threshold – For Tax Year 18/19 this will rise to £46,350 – this means you will be able to earn upto this figure before being subject to 40% tax bracket

 Stamp Duty – For first time buyers stamp duty has been removed on any purchase of £300,000 or less. If the purchase is between £300,000 and £500,000 stamp duty will be charged at 5% on any amount over £300,000

 VAT Threshold – This has remained the same which means as a business you need to turnover £85,000 or above to become VAT registered

 National Living Wage – from April 2018 this is now going to be £7.83 an hour, this is the minimum hourly rate for any employee over 25

 Minimum Wage – There will be rises here as well from April 2018 as shown below (per hour)

  •  Minimum wage aged 21-24 to rise from £7.05 to £7.38
  • Minimum wage aged 18-20 to rise from £5.60 to £5.90
  • Minimum wage aged 16-17 to rise from £4.05 to £4.20
  • Apprentice wages to rise from £3.50 to £3.70

 Fuel Duty – This has been frozen for the seventh year in a row

 Diesel Company Cars – 1 percentage point increase in company car tax

 Business Rates – Changes as per the points below:


  •  £2.3bn cost to bring forward the change to Consumer Prices Index from Retail Prices Index by two years to 2018.
  • After next revaluation, future revaluations to take place every three years rather than five.
  • Staircase tax: businesses hit will have original bill reinstated.
  • Discount for pubs (rateable value less than £100,000) extended by one year to March 2019.