When is the new Autumn Budget?
The Autumn Budget 2017 is due to be held on Wednesday 22nd November 2017. Make sure you tune in to the d&t Twitter – our tax team will be live tweeting updates throughout the Budget.
Didn’t we just have one of these?
Yep – we had a Spring Budget back in March. It was the last of its kind, because it was announced last year that the government are changing the way these work. Instead of doing two big sets of changes (the Spring Budget and the Autumn Statement) every year, the government will now just do one – the Autumn Budget.
Why the change?
The UK was the only major advanced economy in the world to make two major sets of fiscal changes a year. Many (including the International Monetary Fund) argued that this system caused too much uncertainty, so we’ve changed to a new system with just one annual Budget, like other similar economies.
Is that the only change?
The government will do a Spring Statement too, but instead of it being a major fiscal event, it will be on a far smaller scale than previous Statements. It’ll probably focus more on responding to forecasts etc.
The government still reserves the right to make changes at the Spring Statement if needed, but generally, it’s not expected to be as much of a big deal.
What do the changes mean for small business owners?
The Budget will still work in the same kind of way. It will include updates to tax legislation that may affect small business owners. We haven’t had one of the new Spring Statements yet, so we don’t know exactly how significant it will be. However, it’s likely to be a more restrained event than the Autumn Budget, with fewer changes. Definitely still worth keeping an eye on though. Stay tuned to our blog and sign up to our email updates to make sure you stay updated on any changes.
At d&t, we’ll continue to report on any legislative changes that affect small business owners and contractors. We will be publishing our response to the Autumn Budget announcements on the 22nd November here on our blog. For live updates as they happen on the day, follow us on Twitter.
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