What the Autumn Budget means for you and your business.
It appears, from yesterday's budget, that Chancellor Philip Hammond is keen not to rock the boat as far as business owners are concerned. Despite bringing the budget forward from Spring 2018 to Autumn 2017, to allow time for any changes to be digested before implementation, there were no real surprises in store.
The really big changes were about housing, with reduced SDLT for first time buyers, more funds for building and changes to planning.
For SMEs, outside the construnction industry, the main things to note are:
- Business rates are being eased, especially for those running small pubs
- Introduction of measures in relation to tax and the digital economy
- The £85,000 VAT threshold has been frozen, for at least two years - this was one area in which businesses had feared the worst, with a drop in the threshold being predicted by many
- Cross-border sales are being tightened up on, the aim being to reduce avoidance and evasion
- HMRC are getting extra funding to improve their enforcement ability - strengthening teams that focus on mid-sized businesses and wealthy individuals
- A focus on the construction industry with a view to shifting the liability for VAT to make sure more of it actually gets paid
- The Enterprise Investment Scheme is to be made more available, but with tighter rules
The Chancellor clearly wants to improve compliance and make sure more tax is paid, mostly by the people who should have been paying already!
For a full breakdown on the budget, we have added information to the Resources section of this site.
Author: Paul Wilkinson FCA
A former pupil at Lancaster Grammar School, Paul moved away from the area and completed his training with KPMG in Birmingham, qualifying as a Chartered Accountant in 1989. He returned to Lancaster and joined Scott &...
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