The chancellor Philip Hammond has revealed that the Autumn Budget 2017 will be unveiled on Wednesday 22nd November this year. The Autumn Budget will disclose the government’s plans for spending and raising taxes moving forwards into 2018.
Back in 2016 the chancellor provided a few subtle clues on the eve of the budget which revealed the tone of what to expect. Likewise he provided a few hints as to the overarching themes coming in this year’s budget. He stated that his budget will help “keep the economy strong and resilient”, so that the UK has “an economy that works for everyone.”
The key talking point will be whether off payroll rules make an appearance in the budget with an extension into the private sector. Unfortunately clues to this are few and far between however an ex-tax officer has been quoted as stating that if off payroll does surface, it will be in the form of a consultation process rather than implementing a change immediately.
“If any legislation were to be amended or reformed from April 2018, we will see draft legislation and a request for responses at the very least being published around November,” said accountant Carolyn Walsh, an industry expert.
Walsh added: “Considering the IR35 reform was aimed at the public sector which the government can more easily control, any reform of the existing IR35 legislation would need to take into account the cost of implementation. I don't believe that can be done without a proper consultation [first].”
However her counterpart tax experts are divided on this key issue with some being in disagreement with her predictions. In a recent pre-Autumn poll conducted amongst relevant tax and accounting specialists, 42% of participants expected proposals on status but the same 42% expected tax-raising measures too. This shows that status clearly remains a hot topic with further changes anticipated.
Source: ContractorUK (http://www.contractoruk.com) 15th September 2017 – Hammond sets date for Autumn Budget 2017