Budget Summary 2018 – Austerity no more?
For those looking to sell their businesses, the ownership criteria increasing to two years from one year needs to be kept in mind
“Spreadsheet Phil” delivered his Budget with a clear health warning that it was based on a decent Brexit deal being secured.
The end of austerity was proudly announced, and the Chancellor headlined measures such as the extension of the annual investment allowance to £1m for capital expenditure (for two years from 1 January 2019) and the acceleration of the previously announced personal allowance and basic rate thresholds to £12,500 and £50,000 respectively with effect from 6 April 2019.
For those of us in Scotland, we await Finance Secretary Derek MacKay’s address in December, but there is no doubt there will be pressure to provide Scottish workers the same benefits as their English counterparts.
Personal service companies and residential property landlords took yet another hit, and for those potentially looking to sell their businesses, the ownership criteria increasing to two years from one year needs to be kept in mind.
The two-year ownership criteria extremely important for any dental professional looking at succession planning to ensure thedisposal of their practice qualifies for the 10 per cent tax charge.
Head of EQ Taxation David Morrison commented: “The speech from the Chancellor would broadly be welcomed by businesses, and there is no doubt he wanted to be seen to be giving away some of the savings secured in the past eight years. Call me cynical, but I smell the murmurings of a general election!”
For our full analysis of the Autumn Budget 2018, please download our Budget Summary at www.eqaccountants.co.uk
For more information or advice on how the Budget will affect your dental practice, please contact Louise Grant, louise.grant@eqaccountants.co.uk or call 01382 312100.
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