Archive - publications in 2017

Check back here regularly to find out what's going on at our company and in the financial environment.

News Item - Autumn Statement - November 2017 

 

A brief summary of the Chancellor's Autumn Statement on Wednesday 22nd November 2017:
 

  • An increase in the personal allowance from tax year 2018-2019 to £ 11,850

  • An increase in the higher rate threshold to £ 46,350 (except Scotland, where applies only to savings and dividend income)

  • First time buyers of residential property (excluding Scotland) will pay no stamp duty on their purchase of a home, up to £300,000, provided the total value does not exceed £500,000

  • A small increase in the lifetime pension allowance, up from £1m to £1.03m in 2018/2019

  • The company cars diesel surcharge rate rises from 3% to 4% in 2018/2019

  • Many changes to business rates, especially the much criticised "staircase tax", but now also conducting (re-) valuations every 3 years 

  • Also changes to venture capital trusts, enterprise investment schemes and seed enterprise investment schemes. They will have to give far greater emphasis to companies where there is a real investment risk

  • Online trading companies and market places will become jointly and severally liable, for the unpaid VAT of both UK and overseas traders 

 

Please note that the above report is only our brief interpretation and understanding of the Government's budget proposals for the 2017 Autumn Statement, delivered to Parliament by Philip Hammond on Wednesday 22nd November 2017. These provisions are normally confirmed upon the receipt of Royal Assent later in the year. Jonathan Davis. and his associates cannot be held responsible for any errors, omissions or changes to the above.

News Item - Spring Statement - March 2017

 

A brief summary of the Chancellor's Spring Statement on Wednesday 8th March 2017:

 

  • An increase in the personal allowance in 2017-2018 to £ 11,500

  • An increase in the higher rate threshold to £ 45,000 (except Scotland, where applies only to savings and dividend income)

  • A 1% increase in Class 4 NIC to 10% in 2018-2019, followed another to 11% in 2019-2020

  • A reduction in the dividend allowance from £ 5,000 down to £ 2,000 in 2018-2019

  • A one year deferral in the starting date for "Making Tax Digital" , but only for unincorporated businesses and landlords, whose turnover is below the VAT threshold of £ 85,000 from the 1st April 2017 

  • Three measures to help small businesses cope with the changes to business rates, which are due to take effect from April 2017. It starts with a new £ 50 cap (in 2017-2018 only) for businesses that will lose their Small Business Rate Relief

  • A new 25% tax charge on transfers to qualifying recognised overseas pension schemes (QROPS), except for those who can justify a genuine need to transfer

  • The Government have announced  that later this year they will be publishing a Green Paper evaluating the funding of social care. In the meantime, an additional £1bn is to be made available for social care funding in 2017-2018. Chancellor Hammond denied the introduction of a "death tax". 

 

Please note that the above report is only our brief interpretation and understanding of the Government's budget proposals for the 2017 Spring Statement, delivered to Parliament by Philip Hammond on Wednesday 8th March 2017. These provisions are normally confirmed upon the receipt of Royal Assent later in the year. Jonathan Davis and his associates can not be held responsible for any errors, omissions or changes to the above.

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