There can never be 100% certainty surrounding the topics that will come up in any Budget, but there’s always a better chance of certain topics getting covered.
For start ups and small businesses the Budget can mark a turning point in how accounts are managed and more often than not, a change in the tax they will pay.
Here are the topics predicted to be most likely to come up that will affect start ups and small businesses.
With Chancellor Philip Hammond’s pledge to raise the personal allowance to £12,500 by 2020, it’s probable that personal allowance and income tax will be a topic for discussion during tomorrow’s budget.
The Guardian suggests it is possible that personal allowance will be frozen at £11,500 for the 2018/19 tax year.
Research and development
As in the spring budget before, there’s a chance that research and development will be a fiscal point brought to everyone’s attention.
In fact, just this Monday Prime Minister Theresa May said that research and development will receive a boost from the Government, stating: “This could mean about £80bn of additional investment in the next decade.”
For small businesses with younger employees or for millennial freelancers a ‘Millennial Railcard’ has been announced.
The Railcard will be digital-only and will be available to 26-30 year olds, offering a third off rail and tube fares for a £30 upfront fee.
There were also signals earlier in the week for a £1.7bn fund to help improve regional transport links.
After the spring budget’s U-turn mishap when backbench MPs protested the increase in NI contributions for the self-employed, this is a topic which may rear its head in the Autumn Budget instead, with the potential for the Chancellor to once again attempt to increase NI contributions.
If you provide a company car or use one yourself you may want to soon make the change from diesel to petrol.
Over the summer the Government published an air quality plan and as a result it’s likely that emissions will be a big talking point in this year’s main budget.
Potential measures that could be announced tomorrow include the raise of sales tax on diesel cars or the increase on diesel fuel itself, currently taxed at the same level as gas.
Funding for start ups
A National Investment Fund was announced earlier this year, which would help start ups access “patient capital” that would help them develop into the “unicorns” – innovative companies valued at $1bn or more.
It’s expected plans for this fund will be confirmed in tomorrow’s budget.
What topics do you think will be raised in tomorrow’s budget? Is there one in particular you’re concerned about? Leave your comments in the section below.