We have pleasure in sharing our guide to the Chancellor’s 2017 Spring Budget.
Following the UK’s historic vote to leave the EU, and with Prime Minister Theresa May poised to trigger Article 50, Chancellor Philip Hammond presented the Spring Budget against a backdrop of economic uncertainty. Figures from the Office for Budget Responsibility revealed that UK economic growth is now expected to reach 2% this year, before falling to 1.6% in 2018.
The Chancellor announced a range of significant measures for businesses and individuals, including a support package for firms in England affected by the business rates revaluation and the announcement that unincorporated businesses and landlords with turnover below the VAT registration threshold will have until 2019 to prepare for quarterly reporting.
Also unveiled in the 2017 Spring Budget was an increase in the main rate of Class 4 national insurance contributions (NICs) to 10% in April 2018 and a reduction in the tax-free dividend allowance, which will fall from £5,000 to £2,000 in April 2018.
Our Budget Newsletter provides an overview of the key announcements arising from the Chancellor’s speech that could have an impact on your business or your personal finances.
Don’t forget, we can help to ensure that your accounts are prompt and compliant, as well as suggest strategies to help minimise your tax liability and maximise your profitability.
If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s Spring Budget speech, please do contact us now.