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Chancellor Philip Hammond has revealed that the first budget since the dramatic snap General Election will take place on Wednesday 22nd November. The government will use this to set out their economic plans for the coming year.
In a video announcement, Hammond said this was an opportunity to “set out our thinking on how to keep the economy strong and resilient and fair – an economy that works for everyone”.
Today I’m announcing the date of the next Budget. Watch as I explain why it’s one of the most important days of the parliamentary calendar. pic.twitter.com/svSK4uK0S0
— Philip Hammond (@PhilipHammondUK) September 12, 2017
“No other major economy makes hundreds of tax changes twice a year and neither should we”, Mr. Hammond stated in his inaugural Autumn Statement last year. He went on to announce that the government will be moving to only one annual budget, with the Spring budget being scrapped from 2018 onwards.
Pending unexpected changes in the economy, the government will still be able to announce actions in the Spring Statement, but this will not be a ‘major fiscal event’ according to the Chancellor.
As always, we’ll be covering the budget and highlighting the arising issues and announcements that affect freelancers, contractors, and small business owners.
We’re keen to hear your thoughts and hopes for the budget. Let us know your thoughts and wish list in the comments section below.
Over the last few months of 2017 and the whole of January, client managers are busy reminding people of upcoming deadlines and things they’ll need to do to make it easy for them to keep on top of their Self Assessments.