In Summary, the Autumn Budget today impacts your business and personal finances in the following ways:
- Stamp Duty has been abolished for all new home purchases costing £300,000 or less. This means a potential saving of £3,500 compared to the old stamp duty of 2% on homes costing more than £125,000.
This means that if you are currently in the process of buying your home, you might want to ensure the completion date is on or after 22nd November and if your new home is around the £300,000 mark, you might consider making an offer to ensure it remains below £300,000.
2. The national minimum wage will increase by £0.33 to £7.83 per hour which could be worth around £650 per year based on a 37 hour working week.
3. The tax free personal allowance will increase to £11,850 from £11,500 from April 2018. This means approx £100 saving on tax for the average tax payer
4. It will cost you more if you smoke – tobacco products are increasing by between 2-3% above inflation
5. Low income households will receive on average £280 more from universal tax credits
6. Pubs will start to get a £1,000 discount on their business rates from next year
7. Road tax increases for Diesel cars from April 2018 – Vans are excluded from this increase