The first of two Budgets for 2017 took place Wednesday 8th March, 2017 and saw the Chancellor Exchequer, Phillip Hammond announce his first full Budget speech to the House of Commons.
The ‘Last’ Spring Budget delivered by Philip Hammond yesterday eiterated the government’s desire to make the tax system fairer and they want to stop businesses simply setting up companies to reduce their tax liability.
The tax changes announced in this Budget were once again kept to a minimum with the Chancellor taking the opportunity to confirm a number of changes that were previously announced in the Autumn statement or earlier.
There are no new significant changes affecting small owner managed businesses but some are going to have a disproportionate effect on individuals on lower incomes/profits as a proportion of their income in comparison with higher earners.
This summary cuts through the noise, to provide analysis of the practical implications of the Spring Budget on you and your business, along with views from our experts in Tax, Accounts, Funding and Wealth Management.