Spofforths Accounting Blog

Spofforths trading as Kreston Reeves from January 2017

Following the merger of Spofforths and Kreston Reeves in June this year, Spofforths will trade as Kreston Reeves from January 2017.

Autumn Statement summary 2016/17

Phillip Hammond introduced his first Autumn Statement by effectively abolishing future Autumn Statements - to be replaced by a single Annual Budget in the Autumn.

Autumn Statement: Going for growth with borrowing spree

Solid, workmanlike and without any flashy surprises, perhaps the Autumn Statement perfectly reflects the man who delivered it?

Financial Planning's review on the Autumn Statement

The Chancellor announces a £400m injection into venture capital (VCTs) funds to help start up companies. This is a boost for VCTs, and evidences, continued support for this form of investment and the tax incentives that it provides to investors.

Mind the Gap

While the housing gap was mentioned early on in the Chancellor’s speech, surprisingly the tax gap was not. However, buried in the detail of the 72-page Autumn Statement, the tax gap is mentioned under “Avoidance and Evasion” and while the UK’s tax gap remains one of the lowest in the world, the Government are committed to reducing the perceived gap and also to raising further revenues given that tax receipts were lower than expected this year.

Autumn Statement – effects on the charitable sector

“The employment rate is at a record high and the deficit has fallen by almost two thirds. But more needs to be done.” So says the Executive Summary of the 2016 Autumn Statement. The government’s aims are to reduce the deficit further and increase productivity. The backdrop to these ambitions is a more uncertain economic outlook following the decision to leave the EU.

Autumn Statement – the storm continues for education

Disappointingly, there was no real boost to the education sector in the last ever Autumn Statement earlier today. School leaders hoping for additional cash to address the severe funding pressures have been left empty-handed – unless they’re looking to expand their grammar school of course! Therefore the “perfect storm” will continue and schools will have to continue to manage their budgets and resources carefully – if they can?! With curriculum being cut and some sixth forms closing already, the future does not look good

Fine-tuning continues the crackdown on VAT avoidance

All the measures announced or re-announced by the Autumn Statement have a similar theme: anti-avoidance and anti-evasion.

Autumn Statement 2016 – Life Sciences

To alleviate concerns about Brexit’s impact on the UK’s life sciences industry, the Chancellor, in his first (and last!) Autumn Statement reiterated the government’s commitment to investing in UK technology and innovation.

Landlords and the Autumn statement

When the Chancellor Philip Hammond stood up to deliver his first Autumn Statement, I would imagine a number of landlords were holding their breath, to hear whether or not they would see yet more changes.

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