On Tuesday 13 March 2018 Phillip Hammond presented his Spring Statement. So what exactly did the Chancellor say and, more importantly, what did it actually mean?
We are pleased to publish our summary of the Spring Statement along with a refresher of the tax changes and the usual rates and allowances for the new tax year.
The Spring Statement reaffirms fundamental taxation changes which will affect business and personal lives for the tax year 2018/19. The Chancellor responded to the Office for Budget and Responsibility forecast and consultations on the longer term tax challenges including the implementation of Making Tax Digital for VAT registered businesses.
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. It can be downloaded by clicking the image below: