Spring Budget 2017 key tax announcements made on 8 March.
Whilst Philip Hammond’s first (and last) Spring Budget delivers a rosy assessment of the British economy with unemployment at an eleven year low, it is overshadowed by the imminent triggering of Article 50 and big questions over the UK’s global economic future outside the EU.
In making sure we have enough “gas in the tank” for the Brexit journey, the Chancellor is raising taxes and investing more in infrastructure and technical training, to secure the funds, tools and skills he thinks the country will need.
Mr Hammond also recognises the need for greater productivity to improve the balance of payments, and to ensure enough funds are being channelled into social care for our ageing population.
But is he really helping small businesses who are facing increased business rates this year, digital quarterly reporting next year, and unfair changes in the VAT flat rate scheme and IR35? At least on the first of these issues, the Chancellor is softening the impact of business rate increases, though a root-and-branch reform of this archaic tax remains a distant dream.
Our full report can be downloaded here
Whilst we have some information today on these announcements, the detailed provisions will be published on 20 March in Finance Bill 2017.
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