13 Mar 2018
As you would expect, the Spring Statement delivered by the Chancellor Philip Hammond, to Parliament on 13 March 2018, was peppered with party political jibes no doubt intended to lift the spirits of his own party and dismay the opposition parties.
There was very little “promised” in terms of new tax or other strategic items that we are used to in a Budget speech; we will need to wait until autumn 2018 for news of changes to government spending and changes to the tax code.
The new-style spring statements are intended to deliver:
• An update on the health of the UK economy and Office for Budgetary Responsibility (OBR) forecasts,
• An update on progress made since Autumn Budget 2017, and
• Invitations for interested parties to give their views on proposed policy changes.
A summary of the matters that were disclosed follow:
1. Economy and fiscal forecasts
The Chancellor’s message in this part of his presentation was upbeat but cautious. He would consider relaxing his expenditure criteria, but only if the positive indicators continued. His consistent message was “there is a light at the end of the tunnel, but caution is still required”.
2. Progress since Autumn Budget 2017 items cited included:
3. Inviting views on future changes to the tax system.
These will include:
As mentioned in our introduction today, there was much “padding” to the Chancellor’s presentation, but the overall impression was a “steady as you go” approach. It will be interesting to see how wider political issues, such as the forthcoming Brexit negotiations, will play their part in the shaping of future fiscal policy. Only time will tell.
Vada Studios is a very successful music recording facility. The business had outgrown their existing premises, and had a vision to create one of the top residential recording studios in the UK.
A highly successful restaurant, butcher and retail business.
GJA have been the retained accountants for this property investment and development group for over 20 years. Imminently due to dissolve companies.
Proco approached us with an idea of becoming a distributor of a high-end product in the UK, supplying vinyl nationally.
In 2008 Tom Floate left his employer to set up his own business providing website services. Initially forming a partnership with his wife Rachel, they began trading IO Studios from their home office.
Barry the Butcher is a very successful wholesale butchery and retail business.
Grenfell has a broad range of experience and knowledge, working with clients from many different industry sectors. Grenfell is also the senior audit partner in the practice.
Chris works with a diverse profile of owner managed businesses to assist them to grow and retain wealth. Although Chris works with clients from a wide range of sectors, he has particular expertise in property, catering, consultancy and professional services.
Managing Director ACMA
Alex has worked for Grenfell James since 2002 and became a director in 2013. Overseeing our internal operations, he manages the flow of work and ensures we hit our strict deadlines. Alex also manages a portfolio of clients, with expertise in manufacturing and service businesses.
Operational Director MAAT
David has worked for Grenfell James since 2006. He heads up our tax team and is highly experienced with expertise in different industries and sectors.
Tax Director ACCA
Hannah qualified in 2016, having worked for the company since 2009. She acts as a client manager for a range of businesses, with expert knowledge of the equestrian and rural sector. Hannah also manages our payroll team.
Client Manager ACCA
Roy Ferguson. The Perfect Cosmetics Company.
NPD Design Consultants Ltd
Proco Coatings & Laminates
Mr I Cameron
Andrew Knight. The Howard Arms Ilmington
Paul Stanley. A S Contracts Ltd.
Mr J McCarthy
Mckechnies independent tea and coffee bar.
Dean. Wootton IT
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