Introduction

The government's new Budget regime.

Call 01922 628437 or email info@siaandco.co.uk

The Chancellor Philip Hammond presented his first Spring Statement on Tuesday 13 March 2018.

In his speech he provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system.

In this publication we concentrate on the tax consultations that were announced either at Spring Statement or in recent weeks. We are also taking this opportunity to remind you of tax changes which take effect for 2018/19.

You should contact us before taking any action as a result of the contents of this summary.

Changes to the timing of tax legislation

Chancellor Philip Hammond has implemented some fundamental changes to the UK fiscal timetable.

In the 2016 Autumn Statement, the Chancellor announced that he would be introducing a new Budget timetable, which would see the main annual Budget moving from its traditional spring setting to the autumn and the Autumn Statement being replaced by a Spring Statement. The first Autumn Budget was presented in November 2017.

The new process

While the general process of developing tax policy will remain the same, the timescales for policy making and consultation have changed significantly. The government hopes that the new system will allow more time to scrutinise and consult on draft tax legislation before it is introduced.

The new timing of the Autumn Budget will allow the announcement of most new measures well in advance of the tax year in which they are due to take effect. The Spring Statement also offers the opportunity for the government to consult during the early stages of policy making, and publish calls for evidence on long-term tax policy issues.

Under the new system, measures announced in the Autumn Budget will generally be consulted on during the winter and spring, with draft legislation being published in the summer, ahead of the introduction of the Finance Bill in the winter. This will then receive Royal Assent the following spring.

For more information about S I Ahmed & Co. Certified Public Accountants, Chartered Payroll Professionals, Tax and Business Advisors, please contact us.

AIA - The Assoication of international accountants AAT - The Association of Accounting Technicians CPAA - Certified Public Accounants Assoication CIPP - The chartered institute of payroll professionals intuit - Certified ProAdvisor Quickbooks - Certified ProAdvisor
About our team

Established since 1999, S I Ahmed & Co is a friendly, pro-active and growing firm of Accountants based in Walsall, providing a comprehensive range of accountancy, book-keeping, payroll, auditing and taxation services at competitive rates throughout the region.

Learn more

Latest news
Contact Details

Please call:
01922 628437

S I Ahmed & Co, 238 Wednesbury Road, Walsall, West Midlands WS2 9QN

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy Policy | Help |

© 2019 S I Ahmed & Co. All rights reserved. powered by totalSOLUTION
Registered Office: 238 Wednesbury Road, Walsall, West Midlands WS2 9QN

We use cookies on this website, you can find more information about cookies here.