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

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Sharing ideas and successes about Learning and Development

SHARING IDEAS AND SUCCESSES ABOUT LEARNING AND DEVELOPMENT

Paul Nixon, our Learning and Development Advisor has been bringing likeminded people together to share their ideas, successes and pains. Here Paul tells us more about the Learning & Development gatherings…     Why do you hold a L&D gathering and who attends? I have been attending a gathering of Learning and Development professionals for the past 12 months.  The group meets every month in Manchester which poses two challenges for me.  Firstly, there is the commute to Manchester which eats up time in my day and, secondly, meeting every month was too much of a commitment.  I’m also a born and bred Stoke lad who wants to see innovation and a sense of community being developed in my city.  There is a quite a varied group of people that attend, all contributing unique and valuable experiences.  We have individuals from ICO, Leek United Building Society, Vodafone and Water Plus along with one or two independent consultants.   What have the group been discussing? When I set up the group, I was very clear about its purpose: sharing the successes we’ve recently had, the challenges we’ve faced and discussing any new trends, ideas or opportunities that may lie ahead.  This means everyone has a story to tell and experience to share.  It’s a relaxed, informal setting where people can speak openly, build relationships and find support.  There are only two major rules: no sales pitches and no touting for business!   What are the benefits to bringing likeminded people together? As the only person in Learning and Development at Novus, the group has provided me with a great opportunity to meet likeminded people who understand my successes and challenges.  Equally, hearing the experiences that other people have had is encouraging and motivating.  Learning about how other people have tackled similar problems helps me to be more creative and innovate in my own workplace.   When do you meet?  We meet every other month, normally on the first Friday of the month, although this is flexible.  We meet in the city centre at The Quarter café, who have kindly allowed us to use a private space for free.  If anyone is interested in attending, please get in touch with Paul via email paul.nixon@novussolutions.co.uk