Ignition Credit

Business & Personal Asset Finance in Cornwall

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Autumn Budget Review

30th October 2018 By Katy Baker

Paul Caunter reviews the 2018 Autumn Budget and explores the measures most likely to affect SMEs:

In Philip Hammond’s Budget announcement yesterday, the last before Brexit, he declared that ‘austerity is coming to an end, but discipline will remain’.  Over and above plans to boost public services, there were several measures of interest to the business world and SMEs in particular.

  • Annual Investment Allowance (AIA) increase

Currently, the tax-free amount that businesses can spend on building and machinery is £200,000.  From 1st January 2019, this will increase to £1m for a two-year period. This will be welcomed by UK businesses and is likely to encourage spending and investment on fixed assets.  For those businesses with accounting periods straddling the 1st January date, it could lead to some complex calculations.  Further information is provided on the Gov.uk website here.

  • Business rates cut for retailers

All retailers in England with a rateable value of £51,000 or less will have their business rates cut by a third.  The move is expected to benefit around 90% of all independent shops, pubs, restaurants and cafes. A further £675m has been pledged for a Future High Streets Fund to help councils rejuvenate high streets.

  • Apprenticeships fee halved

It was announced that the 10% fee that small businesses must pay to contribute to training when they take on apprentices will be halved to 5% as part of a £695 million package to support UK apprenticeships.

  • Personal Allowance threshold increases

The Chancellor is raising the tax-free personal allowance threshold to £12,500, and the higher rate threshold to £50,000, bringing forward a former pledge to raise the thresholds from 2020. The Treasury says the move will cut taxes for 32m people.

  • Brexit preparations

In light of growing uncertainty about Brexit, Mr Hammond announced an extra £500m to prepare for the possibility of the UK leaving the EU without a deal.  Faced with this scenario, he has acknowledged that a whole new Budget would be required. He also promised a ‘double deal dividend’ if the UK and the EU reached agreement over Brexit, which could result in further spend on public services.

For further information, contact the Ignition team on 01872 272900.

 

Filed Under: News

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If you require assistance or further information call one of our expert advisers on 01872 272900.

You can also request a quote online, or use our simple vehicle finance calculator.

Finance Products & Services

  • Asset Refinance
  • Finance Lease
  • Hire Agreement
  • Structured Payments
  • PCP (Personal Contract Purchase)
  • Hire/Lease Purchase
  • Contract Hire
  • Operating Lease
  • VAT Deferrals
  • Corporation Tax Loans
  • Invoice Finance
  • Commercial Loans
  • Loan and Chattel Mortgage

Our Products & Services

  • Asset Refinance
  • Finance Lease
  • Hire Agreement
  • Structured Payments
  • PCP (Personal Contract Purchase)
  • Hire/Lease Purchase
  • Contract Hire
  • Operating Lease
  • VAT Deferrals
  • Corporation Tax Loans
  • Invoice Finance
  • Commercial Loans
  • Loan and Chattel Mortgage

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What We Finance

  • Car Finance
  • Prestige Car Finance
  • Classic Car Finance
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  • Haulage & HGV Finance
  • Bus & Coach Finance
  • Horsebox & Trailer Finance
  • Agricultural Asset Finance
  • Renewable Energy Finance
  • Construction Finance
  • Engineering Finance
  • Technology Asset Finance
  • Refurbishment & Fit-Out Finance
  • Catering Finance

About Ignition Credit

Registered Office
Sterling House,
Green Court,
Truro Business Park,
Threemilestone,
Cornwall,
TR4 9LF

Phone
01872 272900

Office Hours
Monday—Friday: 9:00AM–5:15PM

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Copyright © 2021 Ignition Credit. All Rights Reserved
E&OE Company Registration Number: 4315993 | VAT Registration Number: 864 5933 85 | Authorised and regulated by the Financial Conduct Authority FRN 679018 Registered Office:- Sterling House, Green Court, Truro Business Park, Threemilestone, Truro, Cornwall, TR4 9LF

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