2017 Spring Budget Flash Report – F9 Consulting

UK Budget 2017

UK Budget 2017

Philip Hammond started off by saying the UK has continued to confound the commentators with robust growth and a deficit down by over two-thirds, however this was followed by more announcements of fiscal austerity.

We have summarised the key points to note below, for more information contact us for a free consultation. Tax planning and mitigation cannot easily be done retrospectivley:

Corporation Tax:

From April 2017 CT falling to 19%, 2020 17%.

R&D Tax Credits:

Making UK more competitive, reduce administrative burden.

Making Tax Digital:

Delay of one year for small businesses not over VAT threshold.

Business Rates:

£25bn of revenue for local governments. Scope to reform revaluations. More frequent revaluations will be set out after consultation.

Cap for SBR leavers to £50pm.

£1000 discount for pubs

Local authorities have £300m fund to help individual hard cases.

Attack on Promoters of Tax Avoidance Schemes:

Increased penalties for Agents promoting tax avoidance.

Contractors & Self Employed

Targeting tax benefits of being self employed

NIC Consultation to reduce differences between PAYE and Self Employed workers

Cost to exchequer is £5bn

From April 2018 – Main rate of class 4 increased to 10%, 11% in April 2019.

Personal Service Companies

HMRC estimate cost of PSC is £6bn

Dividend Allowance reduced from £5,000 to £2,000

Costing Contractors c. £225 each year in additional tax.


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