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Our Spring Statement 2018 Summary

The Chancellor’s 2018 Spring Statement gave the government the opportunity to consider the longer-term fiscal challenges ahead of Brexit, and initiate consultations on how these can be addressed.

Following this, we have put together a PDF which provides an overview of the updated forecasts for the UK economy and public finances, which we trust you will find useful.

CLICK HERE TO DOWNLOAD OUR SUMMARY

Spring Statement 2018 Summary

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Autumn 2017 Budget Summary

The Chancellor’s second Budget of 2017

 

CLICK BELOW TO DOWNLOAD OUR AUTUMN 2017 BUDGET SUMMARY:

Autumn 2017 Budget summary

 

The Chancellor has announced a steady as you go Autumn Budget.

The highlight of his mildly expansionary package was a new stamp duty land tax relief for first time home-buyers (outside Scotland). As long as the consideration for the property is no more than £500,000, first time buyers will pay no SDLT on the first £300,000 and above that they pay the normal rates.

It is worth noting that the Scottish Budget will be published on 14 December when their income tax plans for 2018/19 will be announced.

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Spring Budget 2017

To read our full summary of all of the key points and measures, follow this link – SPRING BUDGET 2017 SUMMARY.

Chancellor Philip Hammond’s first, and last, Spring Budget was delivered at a pivotal moment for the UK as it readies itself to begin the process of leaving the EU. The Chancellor will announce a second Budget in the autumn as the Treasury changes to the new financial cycle from 2018. (more…)

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Budget to build a global Britain

Chancellor Philip Hammond delivered his bullish first – and last – spring Budget against the backdrop of Brexit and an economy that continues to confound the commentators with robust growth.

“We are building the foundations of a stronger, fairer, more global Britain,” he told a noisy House of Commons on International Women’s Day – a fact that Mr Hammond alluded to with news that a higher proportion of women are in employment than ever before. (more…)

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Autumn Statement: VAT – Flat rate inflated?

Article by Greg Mayne, our Director of indirect tax and VAT

Many smaller businesses benefit from the simplification and tax advantage that comes with using the VAT Flat Rate Scheme for small businesses. By way of a memory jogger this scheme applies to businesses with a taxable turnover of £150,000 or less, and allows the business to pay to HMRC a percentage of their income rather than the amount of VAT collected from customers. The ‘trade off’ for this is that VAT incurred on expenditure cannot
be recovered unless it is for a single capital asset of more than £2,000. (more…)

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Download Your Autumn Statement Summary

CLICK HERE to download our Autumn Statement summary which we have put together as a guide for you to get to grips with the key announcements. Alternatively, if you have any queries or think you may be affected by anything included in the Autumn Statement, please don’t hesitate to get touch.

autumn-statement-2016 (more…)

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Chancellor confirms cuts to Corporation Tax in ‘final’ Autumn Statement

Resilience, commitment and match-fit for Brexit – these were the watchwords for Philip Hammond as the new chancellor delivered his first – and last – Autumn Statement to a packed House of Commons.

In a largely upbeat Statement, Mr Hammond blended a more humorous approach than his predecessor with an economic insight that were a breath of fresh air. He also said this would be the last Autumn Statement, with the Budget moving to Autumn and a new Spring Statement. (more…)

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New Chancellor looks to restore confidence

Britain’s new chancellor, Philip Hammond has said he will do whatever is necessary to restore confidence in the economy after the Brexit vote, according to Reuters.

In his first public comments since succeeding George Osborne as chancellor of the Exchequer, Hammond praised Bank of England Governor Mark Carney and said he would take decisions over the summer before outlining his tax and spending plans. (more…)

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Osborne warns of emergency budget if ‘Leave’ win

Finance minister George Osborne has said he would introduce an emergency budget if Britain voted to leave the European Union – but 57 of his own Conservative Party’s lawmakers said they would block his spending cuts and tax hikes.

According to Reuters, the escalation in the ruling party’s internal war over the EU raised the prospect of a government unable to operate normally in the event of a victory for “Leave” in the June 23 referendum on whether to stay in the bloc. (more…)

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Budget 2016: key details

The Chancellor’s ‘sugar tax’ might have grabbed all the headlines for his 2016 Budget, but did his other measures make sweet reading?

Some of the key Budget measures included: (more…)

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