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How the Autumn Budget 2017 affects you

Editor's Notes

Given the windy weather outside the window at the time of writing, some may have thought that quoting the Scorpions with their ‘Wind of Change’ may have been apt for the Autumn Budget. (Ok, I might be showing my age with that reference!)

However, Philip Hammond was more in a Raconteur mood with ‘Steady as She Goes’ being more of the theme for the majority of the Budget speech. The numerous mentions of Brexit and productivity levels clearly were bearing on his mind – not to mention the National Insurance embarrassment in the Spring.

In line with our mission statement of being the best all-round advisers to Owner-Managers we have waded through the Budget report to pick out the areas of importance to you and your business.

Where necessary, we have included details of announcements from previous Budgets and Autumn Statements to highlight the changes that will most affect you and your business in the coming months.

Overview

With the Office of Budget Responsibility forecasts being revised substantially downwards since the Spring Budget only 8 months ago, the theme of the Budget was that of preparing for Brexit and investing in the future, with innovation and improving productivity levels through education and research taking main billing.

It is possible though that the Autumn Budget, the first since Gordon Brown as Chancellor, will be remembered for either a welcome surprise for first time buyers, or the jokey nature of Mr Hammond as he rejected the offer of something a little more ‘exotic’ to drink than water but received a box of throat lozenges from his next-door neighbour at No.10.

One can’t help thinking that the jokes were possibly a bit of a charade to divert the attention from the poor forecasts and the abandonment of the elusive Budget Surplus. However, the political and economic situation that the Government finds themselves in may not have given too many other opportunities for the Chancellor to make other headlines.

As many of the changes coming into effect shortly have been previously announced, you may have a sense of déjà vu reading some of the material within this newsletter, although please do make sure that you act on anything that may affect you or your business.

Issues Affecting Owner Managed Businesses

  • Optimal drawing strategies for owner-managers (from April 2018)
  • Dividend allowance reduction
  • Tax on private use of company vehicles
  • Making Tax Digital
  • National Living Wage
  • VAT and digital platforms
  • Infrastructure and Training / Research & Development
  • Should you incorporate?
  • Off-Payrolling and IR35
  • Business rates

Read in further depth about the effect on Owner Managed Businesses

Other Announcements and New Legislation

  • SDLT exemption for First Time Buyers
  • Announcements affecting Landlords
  • Tax-Free Childcare vs. Childcare Vouchers
  • Pensions and Investments
  • Changes to Duties

Read in further depth about the other announcements from the 2017 Autumn Budget