At this time of the year we are used to seeing the Chancellor holding aloft the red box ahead of the annual Budget, but this year it was very much as case of “as you were”, with the main event of the fiscal calendar having been moved to the Autumn. Instead Philip Hammond delivered his first Spring Statement; a summary update on the overall health of the economy. (more…)
Yesterday George Osborne addressed the house to announce his eighth budget as Chancellor of the Exchequer. While you might have heard about the more buzz-worthy topics, such as the Sugar Tax, which will take effect in 2018 and is rumoured to threaten the price of your G&T, or the changes to education, which may see every school in the country become an academy, there are a lot of changes in the new announcements that will affect freelancers, sole traders and small business owners. To find out what these changes might mean for you, take a look at our Budget Summary and Tax Cards, below.
Tax Cards 2016 (Click to download)
For further advice on how to best manage your accounts this year, get in touch with Boox. Our team of friendly client accountants are always on hand to help.  
George Osborne, Chancellor of the Exchequer, will publish his Budget for 2016 on Wednesday the 16th March. Each Spring - usually in March or April - the Chancellor of the Exchequer presents his annual statement to members of Parliament in the House of Commons.   What is The Budget? It is an annual update on how the Government plans to spend revenue from taxes. This sets out the Government’s plans for the economy based on forecasts from the Office for Budget Responsibility, as well as any proposals from the Government for changes to taxation. Under Osborne, it is also about how the Government plans to cut its spending as he tries to cut the deficit by 2020.   How can I watch it? The Budget announcement will be broadcast live on Wednesday March 16th at around 12.30pm. It usually lasts about an hour. You can watch live on the BBC News and Parliament Channels, as well as BBC Two. Coverage begins at 11.30am. Sky News and ITV will also broadcast the speech live, or you can listen to the speech on BBC Radio 4. It’s also available online at Parliment.tv After the announcement, some measures will come into effect on the same day or the day after (such as any changes to alcohol or tobacco duty). We will also be tweeting live all the key announcements from the Budget 2016 on our twitter page here.
In the eyes of the freelance workforce, and small businesses in general, this week’s Autumn Statement has seemingly passed with a relatively little impact. As ever, the devil is in the detail, so we've put together our usual summary which you can download by clicking the link below.

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