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A few headlines from the Chancellor's speech.  Look out for our full budget update.

• ​The Chancellor has announced a further £3billion for Brexit preparations over the next 2 years
• Debt has been forecast to peak this year and then fall as a share of GDP
• Government to look into introducing a charge on "single-use plastic items"
• National living wage to increase to £7.83 per hour from April 2018
• Income tax personal allowance to increase from April 2018 to £11,850.  The 40% tax threshold to rise to £46,350
• Duty on petrol and diesel frozen for another year
• £4.8bn targeted to be raised by further tax anti-avoidance measures
• Capital gains by companies will no longer get indexation allowance relief after December 2017 when the allowance will be frozen
• VAT registration threshold to be maintained at £85k for the next two years, but consultation will be undertaken to look at new ways of bringing businesses into the VAT net.  
• Income tax is to be charged on royalties relating to UK sales where they are paid to a low tax jurisdiction
• Local authorities to be allowed to charge a 100% council tax premium on empty properties
• All first time buyer purchases of up to £300,000 will see Stamp Duty abolished from Budget day.  Relief will also be available on the first £300k of properties purchased up to £500k

With the Chancellor’s first Autumn Budget due to be presented on 22 November, professional bodies and business groups are setting out their Budget wishlists. Recommendations include changes to Business Rates, a ‘Brexit ready’ Budget, incentives for business and an appeal for changes to the Apprenticeship Levy. The ICAEW is urging that the government give sufficient attention to Making Tax Digital to ensure a successful roll out and making the necessary changes to accommodate Brexit.

Meanwhile, the Federation of Small Businesses (FSB) has urged Philip Hammond to deliver a ‘Brexit-ready’ Budget, which rules out any new business tax increases and maintains investment incentives.
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We will update you on pertinent announcements.
Internet links: CBI FSB ICAEW autumn budget

HMRC have changed the way in which they will assess some taxpayers removing the need for these individuals to complete a Self Assessment Tax Return. These changes took effect from September 2017.
The affected taxpayers fall into one of two categories: