Chancellor has rare opportunity to deliver tax cuts and make simplifications
Comments provides by Menzies Partner Richard Godmon
The further surge in monthly tax receipts, (announced Tuesday 21 February 2017) means the Chancellor has a rare opportunity to deliver tax cuts and make simplifications to support small and medium-sized businesses.
While a tax giveaway is extremely unlikely ahead of the start of Brexit negotiations, the Chancellor will be looking for ways to support SMEs and other UK-based businesses, while sending positive signals to the international business community.
Changes that could benefit UK SMEs
Tax policy must reinforce message that Britain is open for business
Comments provides by Menzies Private Client Director Craig Hughes
With inflation worries starting to impact on confidence levels, the Chancellor must reinforce the government’s message that Britain is open for business while investing to drive growth and support business creation. He must also make it clear that Britain continues to welcome high-net-worth individuals who choose to relocate here.
The forthcoming changes for foreign domiciliaries have not been helpful in attracting foreign high-net-worth individuals to relocate or stay in the UK. However, to date the changes have not been sufficient to force them to leave en masse. However, this remains a very careful balance which the Chancellor should be mindful not to tip too far.
While UK tax legislation is on the right course and major changes are unlikely, some key announcements would be welcome.
Changes that could impact individuals
Spring Budget 2017: Business Sector Implications
Here follows a summary of the headline predictions for the Chancellor’s 2017 Spring Budget from each of Menzies’ core business sectors.
Business Services sector
Hospitality & leisure sector
Property and Construction Sector
Retail & wholesale sector
Transport & logistics sector
For more information about Menzies LLP or to talk to us about the impact of the 2017 Spring Budget predictions and implications on your business and personal finances, contact your Menzies Relationship Partner directly or complete our online contact form.