Professional Firms Insight – Summer 2017
Welcome to the Spring 2017 edition of Professional Firms Insight.
A lot has happened since our last issue: Article 50 has been triggered, we had the last ever Spring Budget and the Finance Bill was published. Uncertainty prevails in politics, with Brexit negotiations set to dominate over the next two years, and the more imminent question of who will lead them to be settled by the General Election.
In this edition we discuss the main points of what was a low-key Budget. Despite the positive fiscal forecasts, with growth expected to exceed targets and borrowing expected to be lower than previously predicted, the Chancellor gave no notable giveaways in either the reduction of taxes or an increasein spending. Partners in professional firms were facing a 1% rate increase in the main rate of Class 4 National Insurance Contributions until the Government backed down a week after the Budget in the face of the political storm it created. However, it may turn out to be only a temporary reprieve.
We also examine what steps firms will need to take to access funding for apprenticeships through the introduction of the Apprenticeship Levy, and how they should continue to prepare for Making Tax Digital, despite speculation that the timetable will be pushed back due to the General Election.
Finally, we examine the perplexing rules around the tapering of the annual pension allowance and provide tips and strategies to help individuals plan for the future.
There is no doubt that the current economic and political climate is challenging. But amongst the uncertainty, there is also plenty of opportunity. From our decades of experience, we are well placed to support dynamic firms in taking advantage of these opportunities to help their businesses thrive. Our team are always on hand to help navigate unpredictable times and help firms grow. I hope you enjoy reading this edition of Professional Firms Insight.