Budget Summary

Spring Budget - March 2017

On Wednesday 8 March 2017 Philip Hammond delivered the last Spring Budget speech of this Government. So what exactly did the Chancellor say and, more importantly, what did it actually mean? 

A summary of the speech is available here.

Budget announcements contain many fundamental taxation changes which will affect business and personal lives for the year to come. Written in plain English, we have broken the summary down into the main areas of taxation, including business and corporate, employment, personal and capital. We have also included comments on the more important changes, together with any planning points that may arise. 

The summary provides an invaluable update for you and will help you get to grips with the changes. It will remain on our site for you to refer to as and when you need it but if you have any questions, don’t forget we are here to help you navigate and plan your way through the tax maze, so please do get in touch.

A handy reference booklet showing the new tax rates for 2017-18 is available here.

One of the main announcements in last week’s Budget was the proposed increase in the main rate of Class 4 National Insurance contributions (NICs). The government had announced that the main rate of Class 4 NICs was to be increased from 9% to 10% from April 2018 and from 10% to 11% from April 2019.

Chancellor of the Exchequer Philip Hammond and Prime Minister Theresa May have confirmed that these increases will not now take place and that there will be no increase in NICs rates this Parliament.

A handy reference booklet showing the revised tax rates for 2017-18 is available here.

 

Spring Budget - March 2016

On Wednesday 16 March 2016 George Osborne delivered the first Spring Budget speech of this Government. A summary of the speech is available here.

Budget announcements contain many fundamental taxation changes which will affect business and personal lives for the year to come. Written in plain English, we have broken the summary down into the main areas of taxation, including business and corporate, employment, personal and capital. We have also included comments on the more important changes, together with any planning points that may arise.

We hope the summary will provide an invaluable update for you and help you get to grips with the changes. We are here to help you navigate and plan your way through the tax maze so please do get in touch if you have any questions.

A handy reference booklet showing the new tax rates for 2016-17 is available here.

 
Autumn Statement - November 2015

On Wednesday 25 November 2015 George Osborne presented the first Autumn Statement of this Parliament. So what exactly did the Chancellor say and, more importantly, what did it actually mean? 

A summary of this year’s Autumn Statement is available here.

The Autumn Statement reaffirms fundamental taxation changes which will affect business and personal lives for this year and future years. Written in plain English, we have broken the summary down into the main areas of taxation. We have also included comments on the more important changes, together with any planning points that may arise.

The Second Budget 8 July 2015

On Wednesday 8 July 2015 George Osborne presented the first Budget of this Parliament. So what exactly did the Chancellor say and, more importantly, what did it actually mean? 

A summary of this year’s Budget is available  here.

Budget announcements contain many fundamental taxation changes which will affect business and personal lives for this year and future years. Written in plain English, we have broken the summary down into the main areas of taxation. We have also included comments on the more important changes, together with any planning points that may arise>

The summary provides an invaluable update for you and will help you get to grips with the changes. 

There is a copy of the 2015/16 tax tables here.

Changes to the Annual Investment Allowance (AIA) announced in the second Budget

In 2014 the Chancellor significantly increased the rate of Annual Investment Allowance to £500,000. However, this was due to reduce significantly in 2016 to only £25,000. In yesterday's Budget Speech, the Chancellor announced that, although the rate will be reduced, it will be to £200,000 for expenditure incurred on or after 1 January 2016.

The AIA provides a 100% deduction for the cost of most plant and machinery (not cars) purchased by a business, up to an annual limit and is available to most businesses.

The maximum amount of the AIA was increased to £500,000 from 1 April 2014 for companies or 6 April 2014 for unincorporated businesses until 31 December 2015. However it was due to return to £25,000 after this date. In his speech on Wednesday 8 July 2015, the Chancellor announced the level of the maximum AIA will now be set permanently at £200,000 for all qualifying investment in plant and machinery made on or after 1 January 2016.

Where a business has a chargeable period which spans 1 January 2016 there are transitional rules for calculating the maximum AIA for that period. The maximum amount for the transitional period is the total of the time apportioned maximum AIA of £500,000 from the start of the chargeable period to 31 December 2015 plus the time apportioned maximum AIA of £200,000 from 1 January 2016 to the end of the chargeable period. However any AIA available on expenditure in the second period would be limited to the time apportioned maximum in that period.

The Budget 18 March 2015

On Wednesday 18 March 2015 George Osborne delivered the final Budget speech of this Government. So what exactly did the Chancellor say and, more importantly, what did it actually mean? 

Budget announcements contain many fundamental taxation changes which will affect business and personal lives for the year to come. Written in plain English, we have broken the summary down into the main areas of taxation, including business and corporate, employment, personal and capital. We have also included comments on the more important changes, together with any planning points that may arise.
 
The summary provides an invaluable update for you and will help you get to grips with the changes.

You can find a copy of the Budget summary in pdf format here.

There is also a copy of our tax tables here.

 

 

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