A Swindon accountancy firm is calling on the Chancellor to use his Autumn Statement to give businesses a break.
Chancellor Phillip Hammond will deliver his Autumn Statement in Parliament on November 23. It will be his first major announcement since taking on the role and since the Brexit vote in June.
Jon Lacey, accounts director with chartered firm Regulatory Accounting, says he’d like Mr Hammond to use the Autumn Statement as an opportunity to make changes to support businesses.
“The Chancellor has already said he is not sticking to George Osborne’s promises about balancing the budget, so that does give him something to play with,” said Jon. “He is expected to honour the commitment to reduce corporation tax to 17 per cent by April 2020, but it’s likely he will distance himself from the promise to bring it down to 15 per cent.
“Despite the announced deferral of part of the electrification of the Cardiff to London train route, we’d like to see further smaller-scale investment in infrastructure, like roads and rail. A reduction in fuel duty would also help businesses and individuals, and would be particularly welcome in the face of rising fuel prices.”
Jon said he’d like to see the Chancellor take measures to ease the housing shortage. “Recent changes in Irish tax law may give the Chancellor scope to roll back George Osborne’s landlord taxes that have had little effect on the affordability or availability of housing or rent levels. The announced multi-billion pound building fund should have a greater effect on the housing market and we’d like to see this targeted at local developers.
“Longer term, the Institute of Economic Affairs has also asked for a long-overdue simplification of the UK tax system. This may include a review of VAT, which has been seen as a European tax and rife for change post-Brexit.” Jon added that whatever the Autumn Statement brings, it will be heavily influenced by Brexit.
Jon’s colleague, Richard Mathews – managing director of Regulatory Accounting – will be giving an analysis of the Autumn Statement at a meeting of Swindon networking group Business Village, on Thursday November 24. The meeting includes breakfast and runs from 7.30-9am. For more information and to book, visit www.businessvillage.org
For more information about Regulatory Accounting visit www.regaccounting.co.uk
Pictured above: Regulatory Accounting’s Jon Lacey