What was your most interesting part of yesterday’s budget? For us it was the clear focus on business and the support to help businesses grow. With new allowances for electric vehicle charging facilities, for building new commercial structures and buildings and an increase in the level of tax relief designed to encourage businesses to spend on new plant and machinery, the tax system is clearly geared towards helping businesses in the coming year.
But the focus on property from the previous Budget still remains with Philip Hammond reducing elements of the Principle Private Residence relief and removing a longstanding relief for those renting a former home. We would encourage anyone thinking of selling a former home which is or has been let, to ask for a review of the tax position prior to the sale being agreed.
As contractors contracting to the public sector find it more difficult to be paid on an invoice basis, the attention has also turned to those contracting to the private sector. If you are concerned by employment status and IR35, it makes sense to have a contract review undertaken.