We are delighted to provide you with this complimentary copy of our Spring Statement report.
There were no new tax measures or spending changes announced, instead Mr Hammond provided a short financial briefing updating us on the economy and providing information on a range of areas for consultations which include:
- English business rates The next revaluation of business property in England will be brought forward one year to 2021, with three-yearly revaluations thereafter.
- Entrepreneur’s relief A consultation paper was published on how to give entrepreneurs’ relief in circumstances where it would otherwise be lost because of a new share issue.
- VAT threshold The government issued a call for evidence on restructuring the VAT registration threshold to offer more incentives for small businesses to grow. There is some evidence that businesses deliberately limit growth to avoid crossing the existing £85,000 threshold (which has been frozen for the next two years).
- Tax and the digital economy There were several papers examining taxation issues surrounding the digital economy, including VAT and income tax leakage through internet trading platforms.
- Self-funded work-related training A consultation paper was published examining how to extend the existing tax relief framework to self-funded work-related training by employees and the self-employed.
We have also included a recap of the key tax changes in the forthcoming 2018/19 tax year.
We trust that you find the enclosed Spring Statement summary useful and that it is a helpful basis for a discussion with us about your financial future.