New Forest

10/04/2018

No major tax changes in chancellor’s spring statement

As announced last year, the Chancellor’s Budget will in future take place in the Autumn each year as opposed to the Spring. There was however a Statement by the Chancellor on 13 March, but he made little mention of tax changes, instead choosing to focus on the state of the economy and stating that there is “light at the end of the tunnel”. This contrasts with other recent Chancellors such as Gordon Brown and George Osborne who used both the Spring Budget and Autumn Statement to make announcements of tax changes. 

New Consultations

The Chancellor did however announce a number of tax consultations into possible future changes. One of the consultations concerns possible changes to the VAT registration threshold as it is concerned that some businesses deliberately operate below the VAT threshold (currently £85,000) as that adds 20% to the price of the goods and services. One suggestion is that businesses could be allowed to exceed the threshold by up to 50% for one year without the need to register for VAT. In another consultation HMRC is seeking views on how they can engage with online platforms, such as eBay and Uber, to promote tax compliance among its users.

For further information on the Spring Statement, please contact Alan Rolfe on 023 8046 1200.

Latest Tweets

For children born from September 2020 the Government provided vouchers for a tax free account, which can be accessed once they reach the age of 18! More information is available here http://ow.ly/BkbV50BjQqt

The countdown is on! This Saturday, Director Michaela Johns will be taking to the sky strapped to the wing of a plane all in the name of @SolentMind. It's 3rd time lucky and we're so close to our fundraising goal. To donate, visit: https://bit.ly/2YY3AzQ

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