The latest offering from Phillip Hammond was more for the purists than for the headline writers, however, he will have made some friends with his reduction in Stamp Duty for First Time Buyers and lost some with his freezing of the indexation allowance for companies making capital asset disposals from 1st January 2018.
Since last informing our clients of the impending introduction of Making Tax Digital, the Governments’ plan to introduce digital financial reporting by all businesses on a quarterly basis to H M Revenue and Customs, further clarification and changes have been announced. The purpose of this newsletter Is to update you on those latest developments. The Spring Budget confirmed that Making Tan Digital is to commence from 6. April 2018.
The first businesses to be affected will be the self-employed or landlords with income (turnover not profit) in excess of the Vat threshold —currently £85,000, with an accounting period commencing on or after 6u April 2018.
This was the first and possibly last Spring Budget for Philip Hammond, as it is to be replaced by a Spring Statement. Despite the shadow of Brexit hanging over the country Mr Hammond made very little mention of it and seemed to be trying to move away from the “Blame Everything on Brexit Culture”.
Similar to the 2016 Autumn Statement this Spring Budget had very little to get excited about, even the fuss over the rise in National Insurance for the Self Employed seems more political point scoring than actual concern at the effective tax rise.