Chancellor Philip Hammond presented his second Autumn Budget on 29th October 2018.
This was notable for being the first Budget on a Monday since 1962, and the date itself is several weeks earlier than initially planned to allow time for Brexit legislation to pass through the Houses. Apparently, the reason that Mr Hammond opted for Monday rather than the traditional Wednesday was to avoid any unfortunate tabloid news reporting based on Halloween.
However, with numerous announcements of extra spending and tax cuts, this looked (uncharacteristically) more like Christmas than All Hallows Eve to many observers, with net tax cuts plus extra spending of £30 billion to the end of 2023-24. This relaxation of the purse strings comes about through higher than forecast tax revenues and lower than forecast public expenditure, partially due to lower than expected unemployment.
So, what were the main announcements and details which will affect you and your business?
Our Technical Director, Alan Sowden, has reviewed the Budget news and various supporting documentation. To save you time, he has summarised the main announcements and as always added some useful planning points for your consideration.