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Was The Autumn Budget 2017 Good For Business?

What did Philip Hammond announce?

 
 

POSTED BY ROGER EDDOWES ON 23/11/2017 @ 8:00AM

Philip Hammond, Chancellor of the Exchequer, stood up after PMQ's yesterday and delivered the UK's Autumn Budget 2017. In it, he said he wanted to help families cope with the cost of living ...

The Autumn Budget 2017 was announced by Philip Hammond yesterday!

The Autumn Budget 2017 was announced by Philip Hammond yesterday!

His report set out a number of actions the government will take including support for more housebuilding. His view is that the economy continues to grow and continues to create more jobs.

The major attention-grabber was aimed at first time buyers who will not have to pay Stamp Duty Land Tax on homes costing up to £300,000. Other useful announcements include:

  • The tax personal allowance increasing from £11,500 to £11,850

  • The higher rate tax threshold increasing from £45,000 to £46,350

  • The national living wage increasing from £7.50 per hour to £7.83 per hour

But is the budget good for business? There wasn’t anything that really stood out apart from an emphasis on the future such as funding for more research and development, 5G mobile communication and artificial intelligence.

At least white van man (or woman) will appreciate the abandonment of the April 2018 fuel duty rise, the freezing of the vat registration threshold of £85,000 and changes to how business rate charges rise.

We've created a summary PDF which focuses on the tax measures that may affect you, your family and your business. To help you decipher what was said we have included our own comments. Click here to download our Autumn Budget 2017 PDF.

"Would you like to know more?"

If you have any questions about Autumn Budget 2017 and how it may affect your business, do give me a call on 01908 774320 or click here to ping me an email and let's see how I can help you.

Until next time ...

ROGER EDDOWES
Business Godparent

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More about Roger Eddowes ...

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.