Chancellor Philip Hammond is gearing up for the first Autumn Budget and he has businesses around the country eager to see what will feature in it.
He will reveal his Budget to parliament on Wednesday 22 November.
It’s the second Budget of the year, following one that took place in the spring. In the future, that will be known as the Spring Statement, as the chancellor wants the Budget to be held at the end of the year (thus replacing the Autumn Statement).
As we’ve already had a Budget this year, there are unlikely to be many changes – but that doesn’t mean significant announcements won’t occur.
Likely topics that will feature during the Budget include pensions, self-employment, corporation tax and Brexit – all areas that businesses of all sizes will be keen to hear about.
We asked our Sage Business Experts what they would like to see come out of the Autumn Budget announcement. Check out their comments below and make sure to share your own.
Paul Donno, 1accounts
“I would like to see the abolition of the restriction on interest relief for residential letting properties as I do not feel that this is helping the housing market.
“I would like to see a higher zero rate band on tax on dividends to at least £10,000 to help small businesses who take daily risks in running their businesses.”
Jeremy Corner, Blue Eyed Sun
“We need an overhaul of the business rates system to level the playing field for bricks and mortar retailers who compete with online retailers.”
Alison Parsons, accountant, Albert Goodman LLP
“I would like to see a business rates reduction for shops selling local produce or locally produced goods. This could be a percentage or a fixed-term rates holiday.
“Also, a reduction in the rate of employers’ NI for workers under a training scheme (at all ages). As people are living and working longer, retraining of mature staff will become more commonplace, therefore it’s important not to restrict the benefits of any concession by age.
“Ideally I’d also like to see an acceptance that there has been too much legislative change at short notice, which puts extra pressure on small businesses. I’d like to see an announcement that any changes made in future will be fully determined and publicised in detail, well before release and then stand for the whole parliament, rather than chopping and changing.”
Alison is an accountant at Albert Goodman LLP.
Sue Keogh, Sookio
“What I’d like to see from the Budget announcement are more measures to support young people. It’s a tough world out there for the younger generation. Freezing tuition fees at £9,250 is hardly going to help.”
Sid Moore, Moore Accountancy
“I would like the following: no pensions reforms – as we need consistency for new investors and existing pension contributors. There have been enough changes over the past few years, which makes planning for our future difficult.
“Also, more details about funds and plans for Help to Buy mortgages and similar incentives. The property market is not accessible for many young workers and as prices continue to rise we are making the future unsustainable for the next generation.
“And fuller announcements around potential Brexit scenarios. If we have an idea of the plans and the issues around it then the country, its workers and its businesses can make their own micro plans to increase trading and keep the economy functioning through the transition period.
“0% dividends band retained at £5,000 would be good too. Given the very low rates of interest for savers, many clients have started investing more in shares, which produce dividend income. The potential reduction to £2,000 from £5,000 will mean individuals with this source of income will be worse off.”
Share with us what you’d like to see from the announcement in the comments below and check out our live tweeting on the day of the Autumn Budget.