Phillip Hammond’s first financial budget has been and gone, and all controversy aside, most have been hailing it as the “safe” option, which is “best of a worst situation.” As with most budgets, some tend to disagree, but most are left wondering how the announcement is set to change their business, and the way that they do things. Thanks to Salisburys Chartered Accountants in St Asaph, we are pleased to present our full guide to how the Autumn Budget will affect you, your personal taxation, your savings and your business investments.

Most notable about the Autumn Budget is the fact that personal tax allowance has been increased to £11,850 with effect from the first of April, 2018. The Higher Rate tax band respectively has increased to £46,350. Of course, it is essential to know that this rate may not affect those in Scotland. Scottish readers will have to wait till the 14th of December, when the SNP’s Autumn Budget will be revealed. To those in Wales at least, our personal taxation fortunes are very similar to those of the English.

Respectively, the ISA savings allowance for 2018 and 2019 is remaining stock still at £20,000. Accordingly, JISA allowances as well as Child Trust Funds are uprated in line with current CPI to £4,260. Those looking for answers on how trust funds will be taxed will have to wait for the promised consultation process, which has been stated to make Trusts taxation “simpler, fairer and more efficient.” Given the fact that Trust taxation has always been one of the more disputed and distrusted methods of taxation in the past, the Chancellor’s aims do indeed seem to be lofty. However, those who are fearing change will look to the issue again in 2018.

EIS seems to have been given a boost – with Investors being given the opportunity to double their investments in enterprise investment schemes, up to the value of £2m – making firms now able to receive EIS investments of a total of £10m. This comes with a caveat of course, the Chancellor’s statement entailed that the boost would be accepted when invested in relation to “knowledge intensive” businesses and when invested via EIS or Venture Capital Trust.

Employers should also be aware that employees are now allowed, under maternity and parental leave obligations, to pause their contributions to Save As You Earn schemes for 12 months, rather than the current six months. These revisions will go into play from April 2018.