The Chancellor Philip Hammond presented his first (and last) Spring Budget on Wednesday 8 March 2017. From now on we will have an Autumn Budget and a Spring Statement, with the first Autumn Budget happening later this year and the first Spring Statement in 2018.
As of next year, this will mean we have just one fiscal event a year which will give greater stability to businesses and people as there will be less frequent changes to the tax system. Currently, the UK is the only major advanced economy to make major changes to the tax system twice a year, so this change should align us with the majority. It will also mean that tax changes will be announced well in advance of the start of the tax year they affect.
You can find more information on the new Budget timetable here.
But for this year we still have two Budgets to contend with, and of course, with the triggering of Article 50, this means a lot of change for people and businesses. All this change can be disruptive, particularly to small businesses, so it’s important to remember that financial planning is an on-going process that needs to be done all year around. We can help you with your tax planning and offer you support throughout the year to help you navigate change brought about by Budget announcements to ensure that your financial plans are always viable and you can continue to have a financially secure future. And with the uncertainty of the full effect of Brexit still ahead of us it makes sense to have some extra support during these potentially turbulent times.
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The main Budget tax proposals announced by the Chancellor are:
- Increases to the Class 4 National Insurance rates – (subsequently revoked)
- A reduction in the Dividend Allowance
- Changes to the timing of Making Tax Digital for smaller businesses.
Previously announced measures include:
- Increases to the personal allowance and basic rate band (a decreased band for Scottish residents)
- The introduction of the Apprenticeship Levy
- Changes to corporation tax loss relief
- The introduction of an additional inheritance tax residence nil rate band
- Changes for non-UK domiciled individuals.
But what does all this mean and how will it affect you? For some free and impartial advice
download our Spring Budget 2017 Summary for a complete look at the details of the Budget. Our full summary focuses on the issues likely to affect you, your family and your business.
Or keep an eye out for our series of blog posts over the coming weeks – we will focus on the following areas from our Budget summary:
- Personal Tax
- Business Tax
- Employment Taxes
- Capital Taxes
- Rates and Allowances