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The Budget - The Basics



It's been a while hasn't it … Money Bee was just SO excited about the new 2018 budget that we couldn't think of anything else. You've probably been feeling the same though.

So

All the blah blah blah-ing aside, what does the budget mean for you?

From April 2019:

The personal allowance threshold will be £12500 … an increase of £650. That's £650 more you can earn before you have to start paying tax. Yay! That's £130 more in your pocket before you have to start giving 20% to HMRC.

If/When you're earning more, you can earn up to £50000 before you have to start paying 40% tax. That's an increase of £3650. Which means you'll be paying £730 of tax on that instead of £1460. Nice.

Also, the national living wage is going up from £7.83 to £8.21 - so if you have staff, you need to make sure you're paying them enough.

There will be new tax on plastic packaging which doesn't contain at least 30% recyclable material … better check your packaging!

A cut to business rates will benefit 90% of independent shops, pubs and restaurants over the next 2 years (a proposed £8000 to be saved)

Of course, there's a lot more to it than this … more detailed and technical info can be found here: HMRC 2018 budget info and there's the HMRC summary page here

PLUS there's a little calculator here: Calculator that helps you to see if you're going to be worse or better off.

Have anything financey to ask? please get in touch! SAY HELLO


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