Small firms

Philp Hammond's first and last Spring budget

The biggest news on the tax front is the planned consultation on the tax differences between the employed and self employed, writes Steve Roberts, Tax Director, Armstrong Watson.

In his first, and last, Spring Budget, Philip Hammond set out an economic picture which has surprised many of the economists who had speculated on how the British economy would react to leaving the EU. He was able to confirm that GDP grew by 1.8 per cent over the whole of the year and also that employment had reached a record high. Furthermore, the OBR had changed the profile of growth over the next five years, ending in 2021, with the two per cent they originally suggested but with growth ranging from two per cent in 2017, dropping to 1.6 per cent in 2018, before increasing steadily.

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