Chancellor Philip Hammond has finished delivering his Spring Budget 2017.
The chancellor said that his last Spring Budget contained measures that aimed at “reducing our deficit, preserving fiscal flexibility and investing in Britain’s future.”
Here is our summary of the key business announcements from his speech:
Making Tax Digital
Businesses with turnover that is less than the VAT registration threshold (currently £83,000) will have the introduction of quarterly digital reporting delayed by 12 months.
Business Rates in England
There will be further consultation on possible measures to reform the business rate revaluation process.
In the meantime, three measures relating to business rates were announced:
- Businesses coming out of small business rate relief will have an additional cap meaning that any bill increase for the next year will not be more than £50 a month
- £1,000 discount will be introduced in 2017 for pubs with a rateable value of less than £100,000
- A £300 million discretionary fund will be made available to local authorities to target individual businesses that are struggling with rate rises.
R&D Tax Credit
The government will be publishing measures aimed at reducing the administrative burden for businesses.