We are less than 1 week away from the Autumn Budget – Monday 29th October. The speculations over what we could expect are reaching their peak – leaving many of you eager to find out what exactly might happen.
What we know so far is that taxes “may have to rise a little” to raise the extra £20bn pledged for the NHS by 2023, as Chancellor Hammond told the media earlier this month.
There are plans to tackle the issue of the so called “fake self-employment”, used to dodge paying National Insurance contributions by external contractors. The BBC writes “The Treasury believes a third of people claiming self-employed status as a “personal service company” are actually full employees and should pay more tax.”
We could also potentially see a freeze on personal tax allowance threshold – currently at £11,850 for lower rate and 46,350 for higher rate, which were promised to rise to 12,500 and 50,000 by 2020.
After freezing the beer duty during the 2017 autumn budget, it’s reported that we could potentially see a hike of up to 3.4% this year. This could mean a period of uncertainty for business owners in the licensed trade with many publicans struggling already.
All these speculations and assumptions will soon become clear once we tune in at 3.30pm on Monday 29th October. Keep an eye out for our round up of all the major changes proposed soon after.
In the meantime, take a look at the BBC website for a great collection of articles and videos on what’s been said so far: www.bbc.co.uk/news/topics/c3493vkg2klt/budget-2018