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Spreadsheet Phil hits F9

by Daniel Ruthven on November 22, 2017 No comments
Budget 2017

Budget 2017

Autumn Budget 2017 Flash Summary

For those geeky enough to know Excel, F9 is the key that will re calculate your spreadsheet. Mr Hammond, or Spreadsheet Phil as he is affectionally known, has delivered his 2017 Autumn Budget. With little spare cash we were not expecting any dramatic announcements, however tucked away in the detail there were still a few surprises.

 

Flash Summary

Tax

Personal tax-free allowance to increase to £11,850

Higher Rate tax threshold increases to £46,350

Online Traders – Both online sellers and the Marketplace will be held responsible to ensure traders are correctly VAT registered

R&D tax credits increased with extra £2.3bn being made available

EIS limits to double for high risk tech firms

No BIK for EV chargers at work

Diesel cars hit with additional 1% BIK and additional car tax banding

Tax gap has been cut by 25% since 2010

Corporation Tax Indexation allowance removed for corporates from Jan 2018

VAT threshold not reduced and remains at £85,000 for next two years

SME’s responsible for half of all jobs

Profit Shifting – application of UK tax when multinational digital businesses shift profit to low tax jurisdictions

SDLT – first time buyers will not pay stamp duty on purchases up to £300k from today (£500k in London)

 

Business Rates

Annual uprating, now linked to CPI not RPI

£1,000 discount for pubs extended

Shorter revaluation periods, now every three years

 

Council Tax

100% premium for empty residential properties

 

Brexit

Additional £3bn to be set aside over next two years to cover cost of Brexit.

 

OBR Economic Forecast

OBR predicts growth GDP 1.5% in 2017, 1.4% in 2018 only picking up in 2022.

Inflation at 3% this quarter, falling back to 2%.

UK currently spending more on debt interest than we do on Police!

Borrowing at £49.9bn in 2017/18 should then fall in every year after

Borrowing is 2.4% of GDP, falling to 1.1% in 2022/23

 

Investment

£500m on 5G mobile and fibre broadband

Driverless electric vehicles

£400m on EV chargers

£44bn capital funding to support house building, target of 300k homes each year

£630m small sites fund for SME house builders

£400m for estate regeneration

£8bn financial guarantees to support private house building

Investment in construction skills

Planning reforms – focus on urban areas, protecting the green belt

Council should permit planning for more homes for first time buyers

Tax land which is not developed

 

Contact us today and book your FREE consultation, we have Chartered Tax Advisors and Chartered Accountants in Essex, London and Manchester waiting to take your call.

And for your enjoyment, here is spreadsheet Phil in the flesh….

Daniel RuthvenSpreadsheet Phil hits F9

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