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2017 Spring Budget highlights - news article image

2017 Spring Budget highlights

1 Jun 2017

2 minute read

Chancellor Philip Hammond presented his first – and last – Spring Budget on 8 March 2017, unveiling a number of significant measures for businesses and individuals. Here we provide an overview of some of the announcements, together with some other recent changes.

Business rates support package

Following the recent business rates revaluation in England, the government will provide further support for businesses facing significant increases in bills. This includes support for those firms losing Small Business Rate Relief, to limit rates increases to the greater of £600 or the real terms transitional relief cap for small businesses. A £300m ‘hardship fund’ will also be available to local authorities in England to provide support for individual cases.

In addition, a £1,000 business rates discount will apply to public houses with a rateable value of up to £100,000, subject to state aid limits for businesses with multiple properties, effective for one year from 1 April 2017.

Research and development (R&D)

The Chancellor announced that administrative changes will be made to R&D tax credits, with the stated aim of increasing the certainty and simplicity around claims, and the government will be taking action to improve awareness of R&D tax credits among SMEs.

Cash basis accounting

The entry and exit thresholds for cash basis accounting increased to £150,000 and £300,000, respectively, with effect from 6 April 2017. The government will also simplify the rules on capital and revenue expenditure within the cash basis, to make it easier for businesses to work out whether the expenditure is deductible for tax.

New Budget timetable

The Chancellor also unveiled plans to introduce a new timetable for future Budgets, which will see the main annual Budget taking place in the Autumn, to be followed by a Spring Statement. From 2018, the Office for Budget Responsibility will produce a Spring forecast, and the Chancellor will make his Statement responding to that forecast.

Please note that the information in this article was correct at the time of printing and does not take into account any changes following the General Election in June 2017.

For more information on the Budget announcements and how they could affect you and your business, please contact us.

2017 Spring Budget highlights - news article image

For more information on the Budget announcements and how they could affect you and your business, please contact us.

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020 7436 4773

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