After the uncertainty surrounding the budget, Chancellor Phillip Hammond announced a comprehensive budget yesterday, which looked to tackle concerns around many factors. We have taken the full 72-minute speech and put it into 5 standout points.
The IR35 was put in place to tax disguised employment, it was announced in the 2018 budget that this process will now apply to private sector organisations. It won't however, be implemented until April 2020 and only applies to medium and large businesses, for now.
Digital Tech Tax
Applicable upon UK revenue generated for companies, if they are a profitable company with sales of more than £500 million globally; a long discussed change by Hammond.
A surprise announcement for some, the Chancellor has vowed that business rates for companies with a rateable value of £51,000 or less, will be reduced by a third over the next two years.
With no re-allocation of funds announced, an extension of two years was instead given. Announced in the belief that a strong economy will contribute to good public services.
High Street Relief
£650 million is being given to bring life back into our high streets, as well as being in attempt to help them adapt to new consumer trends.
For a more in depth look into the budget you can visit our budget publication at: https://bit.ly/2JoBHYR