Payroll podcast - budget special
01 November 2018
We sit down to discuss the key points from the 106-page budget document that will could affect payroll and tax.
In the last Budget, before we exit the EU, Chancellor Philip Hammond appeared to relish the delivery of his 2018 Budget speech. His task this year is not an enviable one as the ‘deal or no deal’ debate continues with many questions unanswered. The economic forecast from the Office for Budget Responsibility (OBR) was positive; with wages growing at the fastest pace in almost a decade and we have been assured that we should expect sustained real wage growth in each of the next five years. The OBR also confirmed significant improvement in our public finances with national debt having peaked in 2016-17. This means a new path for public spending: 'Fiscal Phil says Fiscal Rules OK'. We take a deep dive into all of the announcements made and summarise it for you to digest audibly at your payroll leisure!
Budget Subjects include:
- Tax rates and thresholds, Income tax, Devolved income tax and Company cars, vans and fuel
- Apprentices and Transferring levy funds and Contributions to funding
- National Insurance contributions, Limits and thresholds
- Draft National Insurance Contributions Bill
- National Minimum Wage and National Living Wage
- Off-payroll working in the private sector
- Parental bereavement leave and pay
- Pensions and Savings, Lifetime Allowances and the starting rate for savings
- Individual Savings Account (ISA) annual subscription limits
- Child Trust Funds and Improving NS&I’s offer to customers
- Pension Dashboards and other Digital tool proposals
- Tax avoidance and evasion
- Protecting your taxes in insolvency
- Management capability and Backing entrepreneurs
- Universal Credits and Transitioning onto Universal Credits
- Banning pensions cold calling
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