Chancellor Philip Hammond presented the 2017 Autumn Budget against a backdrop of ongoing economic uncertainty. The Office for Budget Responsibility revised down its outlook for productivity growth, business investment and GDP growth across the forecast period.
The Chancellor announced a range of measures that will affect businesses and individuals, including the immediate abolition of stamp duty land tax for first-time buyers on homes worth under £300,000, and a rise in the tax-free Personal Allowance to £11,850 from April 2018.
Also unveiled in the Autumn Budget was a change to business rates revaluations: these will now take place every three years, as opposed to every five years, beginning after the next revaluation, currently due in 2022. The Chancellor also addressed the issue of the so-called ‘staircase tax’.
Our informative Budget Report provides an overview of the key announcements arising from the Chancellor’s speech. However, it also looks beyond the headline-grabbing measures, offering detail on the less publicised changes that are most likely to have an impact upon your business and your personal finances.
Additionally, throughout the Report you will find useful tips and ideas for tax and financial planning, as well as an informative 2018/19 Tax Calendar.
Don’t forget, we can help to ensure that your accounts are up-to-date and filed in a timely manner, as well as making sure that your profitability is kept to a maximum and your tax liability to a minimum.
Click here to download the our Autumn Budget 2017 Summary.
If you would like specific, one-to-one advice on any of the issues raised in the Chancellor’s Autumn Budget speech, please do call me on 01905 777600.