It was not the most exciting budget I’ve ever suffered

Philip Hammond’s jokes were pretty rubbish but without a real opposition the government can get away with drivel like this

Virtually all the commentaries I’ve read today (other than those which have simply reported what was said) agree that it’s probably NOT addressed the real problems the UK is facing, and

He gave a minor kicking to the self-employed and small company directors who are at all successful by increasing the tax take from these people on the principle that they don’t pay as much tax and National Insurance as “normal” employees. But then again nor do the very rich and the multinationals but I guess we (as I count myself as one of this group – self-employed, etc., etc.) are less likely to employ REALLY expensive lawyers to make sure our income is taxed in the lowest rate environment possible. Jealous? Maybe. Upset – certainly…

Even his own MPs are not in favour and many people are considering that the government has broken it’s own election manifesto. But enough proselyting and on with the facts: Making Tax Digital delayed until April 2019 The Chancellor has delayed the introduction of Making Tax Digital for sole traders, landlords and the self employed with sales or income the new £85,000 VAT threshold. Doesn’t go away but at least an extra year to prepare for smallest businesses (or, more likely, another year heads can be buried in sand) Personal allowance rises to £11,500 Seventh year in a row with increase in higher rate threshold to £45,000. Self-employed Class 4 NIC increases to 11% by 2019 Increase by 1% to 10% at April 2018 and a further 1% a year later, offset by abolition of Class 2 contributions in April 2018 Road tax rates rise for vehicles registered before April 2017 Supposedly most individuals will see an increase of around £5 per annum VAT registration threshold rises to £85,000  Increase of £2,000 with similar move in de-registration limit from £81,000 to £83,000 Dividend allowance cut to £2,000 After only a year of the allowance of £5,000… many commentators are predicting its disappearance altogether  by 2020. Childcare benefits to double Increase in childcare vouchers from 15 to 30 hours from September 2017 Business rates consultation to take place Hmm, not sure what “consulting” will happen… but three supporting measures: Businesses losing small business rate relief will see their bill increase in 2018 by no more than £50 a month, 90% of local pubs will have a £1,000 discount on their business rates bill, and the third creates a £300m fund for local councils to offer discretionary relief for hardest hit cases. A £3.6bn transitional relief fund is also in place to help affected businesses adjust to the new rates, which come in on 1 April 2017. Corporation tax rate cut to 19% Confirms what was already known 20% VAT on roaming charges outside EU Another stealth tax… previously zero-rated The Treasury has announced at least ten different reviews into current tax policy including long-term capital finance, state pension age, tax compliance and risk at large businesses, and the penalties regime for Making Tax Digital Bless… Taxation of the gig economy Considering many of these people are being forced into part-time zero-hour contracts this is just kicking people who are already down! Anti-avoidance measures for tax treatment of trading stock of property developers Taxable in one direction but no losses available in the opposite direction due to perceived avoidance strategies Increase of APD on long haul flights In line with RPI so £3, £6 and £18 per band Oh well, enough for one post… ]]>