Archive - publications in 2019
Check back here regularly to find out what's going on at our company and in the financial environment.
News Item - Autumn Statement - November 2019
A brief summary of the Chancellor's Autumn Statement on Monday 6th November 2019:
Due to the Brexit delay, the November budget was held over until Wednesday 11th March 2020
Please note that the above report is only our brief interpretation and understanding of the Government's budget proposals for the 2019 Autumn Statement, that was due to be delivered to Parliament by Sajid Javid on Monday 6th November 2019. These provisions are normally confirmed upon the receipt of Royal Assent later in the year. Jonathan Davis. and his associates cannot be held responsible for any errors, omissions or changes to the above.
News Item - Spring Statement - March 2019
A brief summary of the Chancellor's Spring Statement on Wednesday 13th March 2019:
From 6 April 2019, a raft of tax and other changes takes effect, most of which date back to last October’s 2018 Budget.
There are further important changes down the line in 2020. The Chancellor did not introduce any new tax measures in his Spring Statement, although he did announce a number of new consultations.
Income tax: UK The personal allowance for 2019/20 will rise by 5.5% to £12,500 and the basic rate band will increase by 8.7% to £37,500 (outside Scotland), making the higher rate threshold (the sum of the two) £50,000. These increases are significantly higher than inflation. Income tax: Scotland The same personal allowance as in the rest of the UK will apply, but in Scotland a different set of rates and bands will again apply to nonsavings, non-dividend income – primarily earnings. Scottish taxpayers will continue to have five tax bands with the tax rates for 2019/20, as for 2018/19, ranging from 19% to 46%.
The threshold for the higher rate of income tax (at 41%, not 40%) will remain unchanged at £43,430, which is £6,570 below the rest of the UK. Someone with earnings of £50,000 a year will have an extra income tax charge of £1,544 a year for being resident north of the border. Income tax: Wales The National Assembly for Wales now has the power to vary income tax rates (not bands), but for 2019/20 it has decided not to make any changes from the rates of the rest of the UK (excluding Scotland).
National insurance contributions The national insurance contribution (NIC) thresholds will be increased by 7.9%. The upper earnings limit (for employees) and upper profits limit (for the self-employed) will rise to £50,000, matching the UK higher rate income tax threshold outside Scotland. Class 2 NICs, which were due to cease in April, will survive until at least the end of the current parliament. The Class 2 rate for 2019/20 will be £3.00 a week.
Please note that the above report is only our brief interpretation and understanding of the Government's budget proposals for the 2018 Spring Statement, delivered to Parliament by Philip Hammond on Wednesday 13th March 2018. These provisions are normally confirmed upon the receipt of Royal Assent later in the year. Jonathan Davis. and his associates cannot be held responsible for any errors, omissions or changes to the above.