Are you aware of the changes to bi-annual budgets? As business owners, you should be!
The Spring Budget is the final instalment of this system and will be published on 8th March, in two days’ time, by Chancellor Philip Hammond. With the future set for Autumn budgets and yearly updates, we will see ourselves how the change in system will effect small businesses just like yourself.
So far, the UK has been the only advanced economy to make major changes to their tax systems twice a year, rather than once. With this now set to change to less frequent changes, the team here at Coleman and Co are hoping it will bring about certainty and stability.
Making Tax Digital
We are sure you will have heard about it by now but if you haven’t, tax is going digital! Looking forward to the new budget announcements and financial matters we are expecting that the actual thresholds will be defined for small and large businesses.
As such a topic of debate since the announcement of digital was published, everyone will be sat on the edge of their seats waiting to see if they qualify or not under the current £10,000 annual threshold.
With no expectations for massive giveaways business-wise, we suspect that the Chancellor will hold back vital information that business owners are looking for. Although there will be no major changes, we are suggesting to keep your eyes peeled for what could be some small tweaks to how Brexit will effect small businesses.
We are also looking forward to seeing future review and dates to certain elements of tax and the changing world we live in. Enforcing modern working practices is bound to happen with the ever-growing technological world and fast paced environment business is becoming, so being prepared is what all businesses need to take into account.
Get prepared by working with our professional team of accountants and get ready for the misty future of business in the UK. Whether you need tax support, medical industry guidance, consultancy services or assistance with a business start-up you can count on our team to be on hand when you need us most.
Other predictions include:
- Higher tax receipts
- Delays in tax awareness
- Possible removal of the pension tax relief bill
Get in Touch
Find out more by calling our team on 028 9266 3599 and be blown away with how you can get your business ready for the future right now.