Autumn Budget 2017 Flash Summary
For those geeky enough to know Excel, F9 is the key that will re calculate your spreadsheet. Mr Hammond, or Spreadsheet Phil as he is affectionally known, has delivered his 2017 Autumn Budget. With little spare cash we were not expecting any dramatic announcements, however tucked away in the detail there were still a few surprises.
Personal tax-free allowance to increase to £11,850
Higher Rate tax threshold increases to £46,350
Online Traders – Both online sellers and the Marketplace will be held responsible to ensure traders are correctly VAT registered
R&D tax credits increased with extra £2.3bn being made available
EIS limits to double for high risk tech firms
No BIK for EV chargers at work
Diesel cars hit with additional 1% BIK and additional car tax banding
Tax gap has been cut by 25% since 2010
Corporation Tax Indexation allowance removed for corporates from Jan 2018
VAT threshold not reduced and remains at £85,000 for next two years
SME’s responsible for half of all jobs
Profit Shifting – application of UK tax when multinational digital businesses shift profit to low tax jurisdictions
SDLT – first time buyers will not pay stamp duty on purchases up to £300k from today (£500k in London)
Annual uprating, now linked to CPI not RPI
£1,000 discount for pubs extended
Shorter revaluation periods, now every three years
100% premium for empty residential properties
Additional £3bn to be set aside over next two years to cover cost of Brexit.
OBR Economic Forecast
OBR predicts growth GDP 1.5% in 2017, 1.4% in 2018 only picking up in 2022.
Inflation at 3% this quarter, falling back to 2%.
UK currently spending more on debt interest than we do on Police!
Borrowing at £49.9bn in 2017/18 should then fall in every year after
Borrowing is 2.4% of GDP, falling to 1.1% in 2022/23
£500m on 5G mobile and fibre broadband
Driverless electric vehicles
£400m on EV chargers
£44bn capital funding to support house building, target of 300k homes each year
£630m small sites fund for SME house builders
£400m for estate regeneration
£8bn financial guarantees to support private house building
Investment in construction skills
Planning reforms – focus on urban areas, protecting the green belt
Council should permit planning for more homes for first time buyers
Tax land which is not developed
Contact us today and book your FREE consultation, we have Chartered Tax Advisors and Chartered Accountants in Essex, London and Manchester waiting to take your call.
And for your enjoyment, here is spreadsheet Phil in the flesh….