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The UK Chancellor of the Exchequer, Philip Hammond, has announced that the 2018 Budget Statement will be presented on Monday 29th October.
As Brexit looms closer and with Theresa May announcing that “austerity is over” and pledging a major uplift to the NHS budget, the Treasury is under real pressure. Measures that are said to be under consideration include an effective increase in Income Tax by freezing the Personal Allowance and Higher Rate threshold, reducing the VAT compulsory registration threshold from £85,000, cutting the annual tax-free pension allowance from £40,000 and targeting contractors working in the private sector through Personal Service companies.
At CooperFaure, we will once again be providing a live Twitter feed followed by two newsletters, one that afternoon highlighting the key announcements and another on Tuesday morning looking behind the statement into the detail of the Budget Report. Invariably, there will be a devil buried in the detail!
If you have any questions or concerns that arise from the 2018 Budget, please contact us at tax@cooperfaure.co.uk.
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