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Autumn Budget Focus 2018

The key announcements and their impact on your sectors.

Professional Practices

Even though there was little in the Budget which was specific to professional practices, firms and their partners will still be affected.

repairing mechanical watch
The impact on professional firms and its partners
There were only a few relevant points in the Budget for professional practices, firms and their partners.

Private Clients

Targeted changes affecting capital gains tax reliefs for individuals, despite it not being the main focus of the Budget.

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Changes to capital gains tax reliefs for individuals
Targeted changes to Capital Gains Tax reliefs in the Autumn Budget 2018.

Non Profits

The Budget has very little direct impact on the charity sector. However, there are measures proposed to reduce administrative burden that have been on charities’ wish lists for some time. New VAT group rules will also help to simplify group structures and reduce compliance costs for charities and schools.

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A Budget reducing administration burden on charities
Changes to VAT group rules and measures to reduce administration strain on charities.
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Schools no longer necessarily need trading companies
Measures proposed to reduce the administrative burden on schools from April 2019.

Corporate Business

The Chancellor announced a number of measures designed to bring alignment and consistency to corporate taxation. These included some welcome changes to the corporate intangibles regime and capital loss carry forward restriction for large companies. The unexpected announcement of digital services tax is the latest in a raft of measures aimed at levelling the playing field for UK companies competing against the global 'tech giants'.

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Capital allowances for structures and buildings
Increases to business tax reliefs to stimulate investment were announced in the Budget.
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Technology companies face digital services tax
New 2% digital service tax for the taxation of multi-national corporations announced.
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Consultation for the rules of capital losses
New rules to affect companies which have or expect to have capital losses in excess of £5 million.
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Changes with the Corporate Intangibles Regime
Changes will be introduced to bring the taxation of intangible assets owned by UK companies within the Corporate Intangibles Regime.
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Overview of the new employment taxes
The impact of the employment taxes coming into effect from April 2020.
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Off payroll in the private sector rules from April 2020
The government will reform the off-payroll working rules (known as IR35) in the private sector.
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Entrepreneurs' Relief – closing the loopholes
Measures have been introduced to ensure that Entrepreneurs' Relief is only available to the genuinely entrepreneurial.
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The impact for the Property and Construction Industry
Some new reliefs announced were welcome, it is disappointing that the opportunity was missed to do more for the sector.
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The future of R&D cash tax benefits for SME's
HMRC identified £300 million of fraud linked to R&D claims which led to the Chancellor introducing measures to counter R&D fraud.
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Digital and technological investments are key in the Budget
Measures announced to stimulate digital and technological investments.
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Key updates for corporate businesses
The Budget brought with it updates to VAT which will impact a variety of organisations and sectors.
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Tax Facts:                      Autumn Budget 2018

Key UK tax facts and figures.
Download [pdf]