The Spring Budget - 2017

A quick message from our Tax & Compliance expert based on yesterdays budget.

Hammond Budget Spring 2017
 

As you might be aware there was a Budget yesterday, but as this was the last such Budget to be held in the Spring, there was not much in the way of tax changes announced as most of these had already been announced in the Autumn, but here are a few things that were mentioned that could be of interest:

  • Corporation tax reduction to 19% in April 2017 confirmed as is further reduction to 17% by 2020
  • Review of R & D claim procedures to be reviewed to cut down administration
  • Digital tax quarterly reporting due to start April 2018 to be delayed for self-employed and property owners with income below VAT threshold until April 2019
  • Business rates for small businesses – some assistance announced following revaluations
  • VAT threshold going up to £85,000 from April
  • Self-employed NIC rates to go up to 10% in April 2018 and up to 11% in April 2019
  • Dividend allowance to be reduced from £5k to £2k from April 2018
  • Soft drinks levy coming in 2018, rates will be 18p and 24p for over 5g and 8g sugar respectively

For anyone who wants to read more on the announcements there are links below, for the overview which includes announcements made in Autumn due to be included in this year’s Finance Bill, and a summary of all rates etc

Spring Budget 2017 Overview of Tax Legislation and Rates

Spring Budget 2017 Overview of Tax Legislation and Rates - Annex A: Rates and Allowances