Annual investment allowance increased to £1m from January 2019
The Annual Investment Allowance allows businesses tax relief on 100% of qualifying expenditure on plant and equipment, and is currently set at £200,000 per annum. However, in a welcome measure, this will be extended to £1m per annum for a 2 year period from January 2019 to December 2020.
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Changes to VAT on vouchers from 1 January 2019
Changes to VAT on vouchers were introduced on 1 January 2019 for vouchers sold on or after that date.
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The Chancellor announced a new structures and buildings capital allowance, which will be set at a rate of 2% per annum, will apply to all newly constructed non-residential buildings and structures where construction works commenced on or after Budget Day.
Claiming the transferable marriage allowance
The transferrable marriage allowance arrived in 2015 but was widely considered to be a bit of a damp squib as very few couples could claim it and a separate claim needed to be made.
1/3rd rates discount for high street retail properites from April 2019
In a bid to help independent retailers (shops, cafes etc) on our high streets, a one third business rates discount will be given on retail properties with a rateable value below £51,000 for a 2 year period, commencing April 2019.
National living wage increased to £8.21 per hour from april 2019
While not referred to in the speech itself, the Budget document confirmed that the National Living Wage for workers aged 25 and over is set to increase from the current level of £7.83 per hour to £8.21 per hour from April 2019, an increase of almost 5%.