Spring Budget 2017

A Brexit Budget

Philip Hammond has just delivered his first (and last!) Spring Budget and as expected it was a very low key event, particularly from a taxation viewpoint.  The Chancellor appears to be keeping his “powder dry” for future Autumn Budgets which will have to deal with the uncertainties that lie ahead from the Brexit process.

The “gig economy” has received a lot of recent media attention and the Chancellor today targeted tax/NIC increases on the self-employed and those operating through their own personal service companies, but somewhat surprisingly the changes are largely “tinkering at the edges”.  For example, it is estimated that the favourable tax/NIC rules for the self-employed currently cost the government £5 billion per year but today’s announcements will raise less than 10% of this figure when they take effect from April 2018.

Likewise, the new changes that were announced on business rates were relatively modest and will be viewed as something of a disappointment, particularly by those businesses which are hit hardest by the revaluation of business rates.

On a much more positive note, the economy is performing far better than many had predicted prior to last year’s referendum vote, which is naturally generating additional tax revenues.  It is estimated that the Chancellor is building up a £60 billion Brexit war chest and from today’s Budget it is clear that he is keeping most of this “under wraps” for now and we can look forward to more eventful Budgets over the next few years.

Please click here to download a copy of our 2017/18 Tax & PAYE Tables.

Please click here if you would prefer to read and download our Budget 2017 highlights as a pdf.

Click on the headings below to read further information on today’s announcements:

If you have any queries on the 2017 Budget please do not hesitate to contact one of our tax specialists on 01228 530913 or 01768 864466.

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