With a new Budget around the corner and just a few months since the last one, 2017 has been a bumper year for Budgets. Following on from the Spring Budget in March, Wednesday the 22nd of November will see the first ever Autumn Budget; but why has the date of the Budget changed and how will it impact your business?
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autumn statement
One of the most significant announcements made during the Chancellor’s Autumn Statement was the temporary increase of the Annual Investment Allowance from £25,000 to £250,000.
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With little room to manoeuvre given the country’s ongoing economic problems, the Chancellor managed to provide some good news to company owners in today’s Autumn Statement, with a ten-fold increase in the Annual Investment Allowance, and the scrapping of the unpopular ‘controlling persons’ proposals. On the flip side, pension tax relief has been reduced for higher rate taxpayers, and income tax thresholds will not rise in line with inflation.
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