Below is a summary of the tax policy measures announced in the Autumn Budget 2017, and how they impact on owner managed businesses (OMBs). Overall, the budget was largely uneventful from a tax point of view, and so there is not a great deal to say.
- The income threshold before individuals begin to pay higher rate tax increased by £1,350 to £46,350 from 6 April 2018
The government are phasing out the previous tax benefited child care vouchers and replacing it with a new scheme that doesn't involve the parent's employer. It is therefore available to all employed parents, as well as self-employed parents, which is an improvement to the previous scheme which was dependent on an employer offering the scheme.
The new scheme offers tax savings of up to £2,000 per...