Our full Spring Budget Summary 2017 is now available to download

Category: Taxation - Posted On: Mar 9 2017

The Chancellor’s Budget on 8 March was the first of two due in 2017. The final Spring Budget came little more than three months after an Autumn Statement, with another Budget due in Autumn of 2017. With Making Tax Digital due to begin next April, there are big changes on the horizon.

Angela Haig, Partner, said “If you are not aware of MTD then please take note, the Chancellor would like us to Spring clean our business records by keeping them electronically and submit summary information from these records quarterly to HMRC and it starts next April. Despite much pressure from professional bodies and accounting software providers to delay implementation of MTD it has been confirmed that it will commence in April 2018 for those businesses with turnover above the VAT threshold (£85,000 for 2017/18) and subject to income tax. Businesses (including property rental businesses) with turnover over £10,000 but below the VAT threshold have been given a reprieve of 12 months and will still have to comply from April 2019.”

To download your free copy of EQ’s Spring Budget summary, please click here.