The first of two budgets for this year.
The timetable shifts after this to autumn budgets. This is potentially useful, as future changes to tax will be announced earlier giving more time for planning and preparation. With the uncertainty that EU negotiations will bring later this year, it also gives the chance to respond quickly without being seen to declare an emergency budget.
Key points most likely to affect my clients are summarised here in the BUDGET NEWS page, and please see the link on the right under TAX LINKS to allowances and rates. A key development is rises in national insurance rates for the self employed (which at the time of writing have not yet been updated on HMRC’s website). There was a ‘tax lock’ which was supposed to guarantee no rises of this sort, however this lock would appear to have been picked.
Please look out also for details on Making Tax Digital. This is the new reporting system set to replace the current tax returns. Instead, five submissions a year – four quarterly ‘updates’ plus an annual adjustment – will go to HMRC. Coming for all businesses and landlords: from April 2018 for those above the VAT threshold, April 2019 for other businesses.
https://www.gov.uk/government/news/7-things-you-need-to-know-about-the-new-budget-timetable