Knowledge

We help make your business a success

Spring Budget : What can small businesses and the self-employed expect?

On Wednesday 8th March, Chancellor Philip Hammond will present the last ever Spring-time Budget. From then on we will have Budget day in Autumn and ‘fiscal updates’ in Spring. Time will tell whether future Chancellors can really resist the temptation to return to bi-annual budgets and all the political jamboree that involves.


But what can small businesses and the self-employed expect this month from the Chancellor’s red box?


VAT and IR35


Here at Crunch, we hope Mr Hammond will change course on plans for the VAT Flat Rate Scheme and public sector IR35 rules. We’ve been making the case to MPs across all parties that these changes will cause more harm than good. It’s not too late to add your voice to our campaigning by signing up to Crunch Chorus.


Making Tax Digital


We also expect confirmation of the thresholds over which business rates revaluation will be compulsory for businesses. This has been the subject of heated debate, with many proposing increasing the thresholds, but we suspect HMRC has been fighting hard to stick to the current £10,000 annual threshold.


Brexit and business rates


We don’t expect any major giveaways, as the Chancellor will be holding back some flexibility to handle any future Brexit-related turbulence, but we wouldn’t rule out some small tweaks to the benefit of some in the ‘squeezed middle’ which is Theresa May’s policy focus.


There has also been suggestion from Theresa May and local government minister Sajid Javid that some funds will be made available to head off a rebellion over the business rates ravaluation. However, we wouldn’t expect too much from this, as major change is beyond what the Chancellor thinks he can afford right now.


Modern working practices


Finally, we expect further reviews to be flagged in relation to tax and the changing world of work. This is partly in response to Matthew Taylor’s review of ‘modern working practices’ for the Department of Business, Energy, and Industrial Strategy, which has gained much attention, but doesn’t have tax within its remit.


Mr Hammond could start with having a look at our 20 policy ideas in ‘The Entrepreneurial Audit‘ we published with the RSA last month.


Live updates on the day


Don’t worry though, you won’t need to wade through the details of Wednesday’s Budget. We’ll bring you live updates and explainers via Twitter and here on the blog.

Invoice templates

Our invoice templates are professional and sharp. Use them to directly invoice your clients and get paid fast.

Business guides

From understanding expenses to starting a limited company, our downloadable business guides can help you.

Payment reminders

If a client hasn't paid an invoice, download our late payment reminder templates and get that invoice paid fast.

A year end can be a daunting undertaking for first-time limited company directors. However it needn't be the end of the world. Here's what you need to know.

The UK has many different tax rates affecting both individuals and businesses - and as a business owner you’ll be affected by all of them.

We'll be covering the budget and highlighting the arising issues and announcements that affect freelancers, contractors, and small business owners.

The best accounting advice

Our accredited team are on hand to help you choose the best package

We understand that it can be difficult deciding whether or not to switch accountants, but at Crunch we’ll offer you fair, unbiased advice on what’s best for you.