Brexit Overshadows Spring Statement

Brexit | Accounting Inc.

Brexit Overshadows Spring Statement

Brexit | Accounting Inc.
Brexit | Accounting Inc.

Brexit Overshadows Spring Statement

I am extremely bored of Brexit. I’m so bored of it I’m not going to mention it. What will be will be. I am quite the optimist. However I do understand this is a very stressful time for some individuals. With every market crash or correction there has been an upturn. Here is a graph showing the FTSE 100 price history since 2005 to present.

Chart

The market has survived a recession and has continued to grow. The sun will always rise from the darkness.

What does the spring statement mean for your taxes?

Well, Chancellor Phillip Hammond failed to announce any major tax changes. Should the UK receive a ‘deal dividend’ from the EU following leaving with a deal. The details of this will be announced in the Autumn Budget of 2019.

So the Autumn Budget will be a much more lively event. Brexit should be sorted out by then, or some progress made. We will be managing the economic impact of whatever deal is in place.

The Chancellor has forecasted economic growth of 1.2% in 2019 and 1.4% in 2020. In the Autumn budget of 2018, Mr Hammond forecasted growth of 1.6% in 2019 however. The forecast for borrowing is to be £3bn lower in 2018-19 than previously forecasted at the last autumn budget.

Finnally we are seeing support for the true North of England (my homeland). The Chancellor announced £260 million investment for the border regions of England and Scotland.

Image result for tormund game of thrones

Businesses will benefit from a £700 million package to enable them to take on more apprentices. The Chancellor has made updates to the apprenticeship reforms announced in 2018. Therefore from 1st April 2019 employers will see the co-investment rate they pay, cut by 50% from 10% to 5%.

Making Tax Digital (MTD) for VAT will go ahead as planned commencing 1st April 2019.

A £3 billion Affordable Homes Scheme will support the delivery of 30,000 affordable homes.

There was draft legislation announced for tax allowances on new build commercial buildings to help businesses invest in new premises.

Looking for tech accountants in Newcastle upon Tyne? We encourage you to get it touch. Also, If you would like to discuss any of the above information, give us a call on 091 493 7054 or email us by clicking the button below.

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