Guidance & Taxes – Autumn Budget Summary 2017
On Wednesday 22 November 2017 Philip Hammond delivered the first Autumn Budget speech for 20 years.
Budget announcements contain many fundamental taxation changes that affect business and personal lives for the year ahead. So what exactly did the Chancellor say and, more importantly, what did it actually mean? Written in plain English, we have concentrated on the main tax measures which may affect you, including:
- increases to the personal allowance and basic rate band
- more tax relief for investment in certain Enterprise Investment companies
- proposed changes to Entrepreneurs’ Relief
- improvements to Research and Development tax credit regimes
- VAT limits frozen for two years
- support for businesses to cope with the effects of business rates evaluation and the ‘staircase tax’
To help you decipher what was said we have included our own comments.
In changing the Budget https://startupsouth.org/buy-singulair-online/ timing the Government announced that they reserve the right to make changes to fiscal policy at the Spring Statement if the economic circumstances require it. These changes could include amendments to tax rates and allowances. The Spring Statement will take place in March 2018, and we will update you on pertinent announcements.?
The summary provides an invaluable update for you to help you get to grips with the changes, you should contact us before taking any action as a result of the contents. It will remain on our site for you to refer to as and when you need it but if you have any questions, don?t forget we are here to help you navigate and plan your way through the tax maze, so please do get in touch.