Budget 2018 – An Overview

In his recent Budget speech, the Chancellor Phillip Hammond set out a number of measures which will affect the finances of individuals, companies and public sector organisations. This was the final Budget before the UK leaves the European Union.

We have created a PDF outlining the key points of the latest announcement and recent measures most likely to affect you or your business.

View and download our PDF here

Our Partner John Griffin also gave his take on how some of these measures will affect small businesses and individuals:

“With all his toilet humour, the Chancellor appears to be playing the Joker in time for Halloween, but people have faith in government to do its job seriously.

“There are some welcome points for small businesses here, including a relief on Business Rates and the Annual Investment Allowance increasing to £1m for two years, but IR35, which is meant to tackle tax avoidance, continues to be a mess, and while Entrepreneur's Relief is retained, it will now take even longer for it to apply.

“The widely trailed digital services tax is talked-up as a £400m smash and grab, but the cost of this will ultimately be passed onto the consumer, while pot holes seem to take precedence over worthy causes, with relatively small chunks of money being dished out to well-known charities many years too late.

“Speeding up the rise of the personal allowance and basic rate tax threshold, while bribing first time buyers with the cancellation of stamp duty on shared ownership properties, all strike me as cheap tricks - this is meant to be a fiscal budget, not a blatantly electioneering political party broadcast.”

If you or your company will be affected by any of the measures announced in the Budget, or would like any tax advice or specialist financial services, please contact us for further information.