The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech he stated that ‘austerity is coming to an end – but discipline will remain‘. He also promised a ‘double deal dividend’ if the Brexit negotiations are successful but stated that there may be a full-scale Spring Budget in 2019 if not.
The Autumn Budget 2018 urged the government to focus on:
- Resolving the tax implications of Brexit;
- Properly funding HMRC to ensure it collects the correct amount of tax as fairly and efficiently as possible. This would include publishing the right guidance at the right time and to designing, building, testing – and, when found to be wanting, correcting – its processes and IT so people can easily report and pay the right amount of tax;
- HMRC improving its interaction with taxpayers and agents and placing greater reliance on the work of trusted agents; and
- Reducing the speed with which new policy measures are introduced, as this would reduce the likelihood of mistakes in the legislation which need subsequently to be repaired, which in turn is undermining trust in the tax authorities.
We will keep you informed of developments. But in the mean time if you have any questions on how these new development might effect you and your business then please get in contact with us!