On Tuesday, the Chancellor delivered his first Spring Statement. The idea is to move away from having two Budgets each year and, instead, have one proper Budget in the Autumn and a much shorter statement in the Spring.
And you’ll be glad to know it was much indeed shorter. The speech was half the length of usual and, to be honest, didn’t contain a great deal of new stuff. But to make it even shorter, and more bite-sized for you, we’ve summarised the Spring statement into a handy report.
Instead of anything massive, it was really an announcement of how the economy’s going and a few consultations. The ones to be of most interest to business owners will be:
- some consultations on VAT
- consultations on business rates
- consultations on Entrepreneur’s Relief.
So we’ve outlined this in our summary.
We’ve also added in all the new tax rates from April 2018 and outlined the main changes that will affect you.
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