Philip Hammond, Chancellor of the Exchequer presented his Spring Statement on Wednesday 13 March
The wider implications of the Spring Sttement are sure to impact upon SME businesses across the UK.
The Chancellor announced a while ago that the Spring Statement would not be a fiscal event, and all tax measures would be announced at the Autumn Budget. Given the record of recent Chancellors one could be forgiven for being sceptical, but it appears that he is indeed being true to his word and no new tax measures have been announced.
Budget speeches are always accompanied by a certain amount of detail in supporting documents, but in this case there is very little and it mainly continues measures announced at the Budget.
The good news
From a tax perspective there was nothing in the Spring Statement to concern businesses or individuals.
Other hot topics
However, Brexit and the introduction of Making Tax Digital (MTD) are both very close now, and the impact to businesses remains unclear.
After the recent parliamentary defeat of ‘The Deal’, Brexit is definitely the more urgent issue. It seems that the position will not be at all clear until very close to the 29 March, but it is certainly possible to take some steps to smooth over the administrative impacts of an exit, even if the economic ones are somewhat open.
Making Tax Digital
This at least can be acted on with some degree of certainty. If you think you may fall within the scope of it, and have not done so already, you should definitely be taking action to confirm that you are compliant, please get in touch to discuss any issues you have.
For more information
If you’d like to speak with one of our tax advisers about the Spring Statement, Brexit, or Making Tax Digital, please contact us on: