Welcome announcements from the Budget

  31 OCTOBER, 2018      INDUSTRY INSIGHTS
Welcome announcements from the Budget

In light of the Brexit challenge and the deficit, big changes to the UK’s taxation system were not expected. That said, there have been a number of announcements that will be welcomed by working people, businesses and the construction industry.

First, the increase in the personal allowance and higher rate bands to £12,500 and £50,000 respectively have been brought forward to April 2019. Combined with the increase in the Living Wage, this will give millions of people a boost to their net income just as the UK leaves the EU, providing a degree of stimulus to consumer spending power.

Second, the two year increase in the Annual Investment Allowance as of 2019 from £200,000 to £1m per annum will encourage people to invest in fixed assets. This will reduce their tax bill by allowing 100% writing down allowances in the year of purchase on the additional £800k.

Third, there’s finally a tax incentive to invest in new non-residential property with the announcement of a new structures and buildings allowance. This will allow a 2% per annum writing down allowance for non-residential construction contracted on or after the 29th October.
 

For Novus, this means we’ll be looking at further fixed asset investments to drive productivity. We’ll also be speaking to our clients to ensure they’re aware of the opportunity to get tax relief on non-residential property construction. In addition, the personal allowance increase will reward our hard working staff with more post tax income, which is great news.

 

Neil Washington, Novus Finance Director

SEARCH
RECENT POSTS
Novus partners with Tpas and Home Group to tackle social housing stigma

NOVUS PARTNERS WITH TPAS AND HOME GROUP TO TACKLE SOCIAL HOUSING STIGMA

We’ve recently teamed up with Tpas and Home Group to support their Life Swap sessions in Leeds, as part of our ongoing commitment to equality and diversity. The workshops are designed to break down the barriers some people experience when living in social housing, by allowing them to share their stories and experiences with individuals from different backgrounds. You can find out more about the social housing services we offer, including planned maintenance here. Many social landlords are focused on tackling stigma following the release of the Government’s social housing green paper (A New Deal for Social Housing) which highlighted the issue. The green paper is available on the Government website here. As part of the sessions, which we sponsored and took part in, housing associations will learn to better understand the different needs of individuals within their communities, develop a cohesive approach to helping vulnerable residents and tackle the stigma attached to certain groups as a result. We’ve long been committed to the principle of giving back to our communities, whether through holding resident workshops, helping vulnerable tenants out in their day-to-day lives or through our recent Novus Big Five initiative, which saw us give five worthy causes a £20,000 refurbishment project. You can check out one of our recent refurbishment projects here. Kevin Rhone, head of social value and customer services at Novus, said: “When the opportunity came along to sponsor the Life Swap initiative, we couldn’t wait to get started.