News & Blog

23 Nov 2017

Philip Hammond promised “a balanced Budget”, one that would maintain fiscal responsibility but help families cope with the cost of living. What measures did he announce to achieve his Budget aim?

Economic forecasts of the OBR

Hammond shared the OBR’s forecasts for GDP growth over the coming years following slower growth than expected in 2017 so far. The OBR has revised down its forecast to 1.5% in...

16 Nov 2017

The Brexit negotiations and uncertainties related to leaving the EU will cast a long shadow over the chancellor’s Budget. Without a clear idea of what the economy will look like over the next 12 months, it will be difficult for the chancellor to make any significant new fiscal policy changes at this juncture. The chancellor will also be keen to give an impression of stability, and to avoid any e...

10 Nov 2017

One million British small businesses face being brought into VAT if the government accepts the Office of Tax Simplification’s VAT reform recommendations.

The OTS report, published Tuesday, suggests numerous changes to a VAT system “awash with layers of complexity”. The blockbuster recommendation is to drastically lower the VAT threshold from its current level of £85,000 (one of the highest in the...

8 Nov 2017

The government has announced that the National Insurance Contributions (NIC) Bill expected this autumn, will be put back to 2018 and the NIC changes it is to enact will now take please a year later, from April 2019.

The announcement was made by Andrew Jones, the Exchequer Secretary to the Treasury, on 2 November in a House of Commons Written Statement

“The Government is announcing today that it wi...

7 Nov 2017

The first Simple Assessment computations, called PA302s, landed on doormats in October. The concept of Simple Assessment has been in development since December 2015, so what is it, and who will be affected?

The background to Simple Assessment

Simple Assessment, despite being a paper-based system, is part of the government’s Making Tax Digital programme. The goal is for HMRC to use information that...

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