What are you searching for?
 
backback forwardforward
Watch Video

Budget 2017

The Chancellor of the Exchequer, Philip Hammond, presented his first and last Spring Budget on Wednesday 8 March 2017. 

 

Expert analysis

Hammond eggs on the UK economy: Philip Hammond’s first, and last, Spring Budget was big on laughs (at Jeremy Corbyn’s expense) but, as widely predicted, small on anything else. Read more...

Plugging the tax gap: On the day it seemed to be what Philip Hammond had promised; that is, a boring budget. One of the tinkering changes, relatively small in its economic impact, was the increase in National Insurance contributions from the self-employed. The ensuing outcry has been deafening. Read more...

Tax free dividend allowance cut already: In an attempt to reduce the estimated loss to the Exchequer of £6 billion as a result of business incorporations, the tax free allowance will be cut to £2,000. Read more...

Business rates: There was a lot of pre-Budget speculation that the Chancellor would try to address some of the problems arising for small businesses due to the business rate rises due to come in from April this year. Three measures were announced. Read more...

National insurance changes for the self-employed: The gap between the amount of national insurance paid by the self-employed and that paid by those who are employed is to be narrowed. Read more...

VAT Update: Registration and deregistration thresholds, Tackling VAT evasion and much more! Read more... 

Making tax digital for business: Plans to bring businesses into a modern online digital reporting environment have already been well publicised, although the short timeframe for small businesses has been widely criticised.  Spring Budget 2017 has announced a deferral of registration for small businesses by one year. Read more...

Appropriations to trading stock: Today’s Budget saw the introduction of a measure to alter the way in which companies are taxed when fixed assets are taken into trading stock. Read more...

Watch out for PILONs: Reforms to be legislated in the 2017 Finance Bill will prevent all PILONs from avoiding taxation whether they are contractual or not. Read more...

Cleansing of mixed funds for non-domiciles: It was announced in Budget 2015 that new rules to deem individuals domiciled for all UK tax purposes would be effective from 6 April 2017. To provide some transition for individuals caught by these provisions, a one year opportunity to ‘cleanse’ offshore mixed funds was provided. Read more...

Stamp Duty Land Tax: After quite a few changes to the SDLT regime, this Budget, thankfully, only made one slight tweak. Read more...