The Budget 2017
Yesterday’s Budget 2017 certainly wasn’t exciting or radical, with a difficult balance to be struck by Philip Hammond. Unusually, the main area of interest after his presentation was in what he chose NOT to do!
Speculation around the reduction in the VAT threshold, IR35 and a reduction in the tax free amounts for dividends was rife in the days leading up to the Budget, and our view is that these will gain unwelcome attention at some point in the future.
The Chancellor did have some good news for business owners however, all of which you can find in our Budget 2017 Summary.
Our Budget 2017 summary concentrates on the tax measures which may affect you, your family and your business, which include:
- 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 revaluation and the so called ‘staircase tax’.
We’ll be working through the small print of the announcements over the next few days, and will be in touch with specific clients if there is anything that we feel is directly relevant to them. If you have any questions from any of the media coverage or our Summary in the meantime, please do get in touch – we’re here to help!