On Monday 29 October, Philip Hammond delivered his second Autumn Budget. With stronger tax receipts driving better than expected Government borrowing figures, the Autumn 2018 Budget was more generous than most observers expected. So much so, that the Office for Budget Responsibility (OBR) calculates these spending promises to be the biggest Budget giveaway since the independent body was set up in 2010.
However, with the possibility of the UK leaving the EU without a trade deal hanging over the country, the Chancellor did say that he will consider a Spring 2019 Budget should there be a no-deal Brexit.
To help you quickly grasp the major changes, we’ve worked with HFM Tax to bring you a summary of the key points from the Autumn Budget 2018 likely to affect small business owners and self-employed people; (more…)