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Autumn Budget and Spring Statement: What's changing and does it matter?

During Autumn Statement 2016, chancellor Philip Hammond announced the end of the Spring Budget and the Autumn Statement.

The main budget statement will be moved to the autumn, while a new Spring Statement will take place at the beginning of the year.

This all means that on Wednesday, 22 November, 2017 we will be treated to our second major fiscal statement in 8 months when the Autumn Budget is delivered.

What has changed and how will it affect your plans?

The Autumn Budget

The government’s headline fiscal statement will now take place in the autumn.  Similarly, Finance Bills will be moved to the autumn and published after the statement has been delivered.

The government hopes to reach the Royal Assent stage of the legislative process by the following spring, ready for the start of the new tax year.

The advantage of doing this is that any major tax and fiscal announcements will be legislated for before the start of the new tax year.

The Spring Statement

The first Spring Statement will take place in 2018 and, unlike the Autumn Statement, it will not always be used as a secondary fiscal statement.

Instead, the Spring Statement will simply provide the chancellor with an occasion to publicly respond to the new Office for Budget Responsibility figures.

The government has said the statement may be used to announce new changes, but this will be dependent on the economic situation.

How will the changes affect your business?

The new budget timetable should not have a major impact on how you do business.

It will simplify the process of keeping up to date with upcoming tax changes, with announcements being made just once a year instead of 2.

The move to the autumn will also provide you with more time to plan ahead.

The new schedule will also not affect our services to you. We will publish our annual Budget report the day after the statement in the autumn, while a shorter report to summarise Philip Hammond’s Spring Statement will be issued in the spring.

Contact us

Feel free to get in touch if you have any questions regarding the new budget timetable or if you require any assistance with your business or personal finances.

Contact us on 01628 631 056 or email tracya@knightandcompany.co.uk for to find out more about our services.