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  Plant and machinery In the 2018 Autumn Budget, the government announced an increase in the Annual Investment Allowance (AIA) for two years, from £200,000 to £1 million, in relation to qualifying expenditure incurred from 1 January 2019. Special rules apply to accounting periods which straddle this date. Other changes made to plant and machinery

  Increase in the minimum qualifying period The minimum period throughout which certain conditions must be met to qualify for Entrepreneurs’ Relief (ER) is being increased from one year to two years. This has effect for disposals on or after 6 April 2019, except where a business ceased before 29 October 2018. Where the claimant’s

  Chancellor Philip Hammond’s second Spring Statement was delivered against a backdrop of political turmoil, following the voting down of Prime Minister Theresa May’s Brexit withdrawal deal. Despite describing the economy as ‘remarkably robust’, the Chancellor offered a clear warning on the potential impact of a no-deal scenario, which he said would put progress on

  A number of other key changes are coming into effect during 2019, which may have an impact on your business and personal finances. Employer-provided cars The scale of charges for working out the taxable benefit for an employee who has use of an employer-provided car are normally announced well in advance. Most cars are

  HMRC is phasing in its Making Tax Digital regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the new rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD

  The Chancellor has announced various consultations and publications on possible future changes. These included: NICs Employment Allowance draft regulations Following the announcement in the Autumn Budget of reform of the national insurance contributions (NICs) Employment Allowance to restrict it to businesses with an employer NICs bill below £100,000, the government will invite technical comments