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.
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)
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