We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Duties

Alcohol and tobacco duties

The duty rates will be frozen for:

  • duty rates on beer
  • duty rates on spirits and other drinks above 22% alcohol by volume (abv)
  • duty rates on still cider and perry, and lower strength sparkling cider and perry.

The duty rates on wine and made-wine at or below 22% abv, and high strength sparkling cider above 5.5% abv will rise by RPI inflation from 1 February 2019.

The duty rate on all tobacco products will continue to increase by 2% above RPI inflation. It was also announced that hand-rolling tobacco will rise by an additional 1%, to 3% above RPI inflation this year. The new tobacco duty rates will have effect from 6pm on 29 October 2018.

Air Passenger Duty (APD)

The long haul rates of APD for the tax year 2020/21 will increase in line with the RPI as forecast at Autumn Budget 2018. Short haul rates will not rise.

Previous plans for the Scottish government to replace APD with Air Departure Tax have been deferred, pending the resolution of issues relating to the exemption for flights departing from the Highlands and Islands.

Fuel duty

Fuel duty will be frozen for the 2019/20 tax year.

Stamp Duty Land Tax (SDLT) and first-time buyers relief

As from 22 November 2017, first-time buyers in England and Northern Ireland paying £300,000 or less for a residential property pay no SDLT. First-time buyers paying between £300,000 and £500,000 pay SDLT at 5% on the amount of the purchase price in excess of £300,000.

This Budget announced an extension to first-time buyers relief in England and Northern Ireland so that all qualifying shared ownership property purchasers can benefit, whether or not the purchaser elects to pay SDLT on the market value of the property. This change will apply to relevant transactions with an effective date on or after 29 October 2018, and will also be backdated to 22 November 2017 so that those eligible who have not previously claimed first-time buyers relief will be able to amend their return to claim a refund.

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

The latest news

Keep up to date on the latest from the world of business and tax with our daily news stories.


Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2020 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.