Chancellor Philip Hammond gave what he described as the last spring budget but what was in it for you?!

On a quick review, the following snippets may be of interest to our clients in particular:

• Increases to Class 4 National Insurance rates for Self Employed;

• Reduction in the Dividend Allowance;

• Changes to the timing of Making Tax Digital for smaller businesses;

• Increase in cash basis threshold for smaller businesses.

Previous announcements include:

• Increases to the personal allowance and basic rate band (a decreased band for Scottish taxpayers) details can be found here:2017-18 rates and allowances;

• Reduction in the money purchase annual allowance (MPAA);

• Introduction of the Apprenticeship Levy;

• Changes to corporation tax loss relief;

• Introduction of an additional inheritance tax residence nil rate band;

• Changes for non-UK domiciled individuals.

Have a look at the information notes on gov.uk’s website for more:

https://www.gov.uk/government/publications/spring-budget-2017-overview-of-tax-legislation-and-rates-ootlar/spring-budget-2017-overview-of-tax-legislation-and-rates-ootlar

Whilst we have no reason to believe the above is not accurate it is for general guidance only.  Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it.