Steve Maggs, tax partner at Truro accountancy firm, Robinson Reed Layton, is hosting a free breakfast Autumn Statement briefing to explore the full impact of the Chancellor’s announcements.
The event will take place the week following the Autumn Statement, at the Penventon Park Hotel in Redruth on Tuesday, November 29.
In the meantime, ‘Mystic’ Maggs has some predictions for what will be contained within this year’s Autumn Statement:
- An increase in the capital allowances Annual Investment Allowance in both value and timescale.
- A favourable announcement regarding corporation tax – most likely that the new 17% rate will be introduced earlier than 2020 as is currently planned.
- The removal of the 45% rate of income tax.
- A reduction in the employer class 1 National Insurance Contribution rate to act as a catalyst to wage growth.
- Increases in the benefits of the Enterprise Investment Scheme and Seed Enterprise Investment Scheme to encourage investment into SME’s in the UK.
- The scrapping of the Lifetime ISA idea.
Maggs explained: “It’s always difficult to forecast what will be included in the Chancellor’s announcements, and trying to predict what will be included in this year’s Autumn Statement on 23rd November is arguably even more difficult than usual. However I do like a challenge!”
“With so many recent changes that could affect economic growth, such as the vote to leave the EU, the new Government, and of course the new Chancellor Philip Hammond taking up residence in Number 11, together with his previous comments around ‘resetting’ fiscal policy, big changes appear to be on the cards.”
To see if Maggs’ predictions come to fruition and to hear his considered analysis, cutting through the political jargon to give you a clear understanding of how the Autumn Statement will impact on you, your business and Cornwall join him at the Penventon on the 29th.
To book your place, click here.