Philip Hammond delivered his first and last Autumn Statement on the 23rd of November 2016, signifying an end to Autumn Statements to be replaced with two Budget announcements in 2017.
It was delivered with few surprises. We were hoping for more news about Making Tax Digital, which has been deferred to next year (in terms of more information around this initiative). The change to employee benefits treatment was expected as was the small increase in the Personal Allowance for the 2017/18 tax year to £11,500.
One of the surprise items that no one saw coming, was the change to the Flat Rate VAT scheme from April 2017. This will impact contractors particularly and is very frustrating because it really will see a rise in VAT remitted by companies with a predominately service cost base. More to follow at a later point on this topic.
This year, our friends at Practice Web have gifted us with the use of their Autumn Statement summary. It’s a very easy read with nice pictures and is worth a look, so please click on the link below and feel free to ask us any questions on how you think the Autumn Statement may impact you.