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Spring Statement 2018: Reactions

As promised, Spring Statement 2018 focused on the economy and consultations. 

Here’s how businesses and industry groups have reacted to Philip Hammond’s speech.

Nod to late  payments popular with Federation of Small Businesses

Mike Cherry, national chairman of the Federation of Small Businesses said:

“The chancellor is absolutely right to commit the government to eliminate the scourge of late payments, which place cruel financial pressure on more than eight out of ten small businesses.”

Business rate revaluation change welcomed

Rain Newton-Smith, chief economist at the Confederation of British Industry, said:

“The impact of the out-dated business rates system continues to be an Achilles’ heel for many businesses, so it’s absolutely right to fast forward revaluations.”

Cherry added:

“Business rates revaluations must be achieved without putting extra administrative burdens on small firms, such as self-assessments.”

A ‘missed opportunity’?

Chas Roy-Chowdhury, head of tax at the Association of Chartered Certified Accountants, said:

“While the refusal to treat the statement as a mini-Budget has many benefits, the climate of uncertainty requires some bold economic policy. 

“It was disappointing that Philip Hammond missed the opportunity to bring forward increases in the personal allowance and basic rate band, to pass on savings to stretched taxpayers.”

However  Dr Adam Marshall, general director of the British Chambers of Commerce, welcomed the lack of tax changes:

“Given that businesses across the UK have long complained about constant tinkering with tax rates, the Statement’s lack of tax and spending changes is welcome – and not before time. 

“A clear annual cycle will mean fewer rushed policies and give firms the time they need to plan for any changes that come their way.”

Apprentice levy issues not tackled

Marshall said: 

“While more funding to support small businesses seeking to employ apprentices is welcome, urgent action is needed to reform and improve the apprenticeship levy – which is currently failing both businesses and the people they want to train.

A full Spring Statement report is available on our website.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email newbusiness@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.