14th March 2018

The Chancellor of the Exchequer presented his first Spring Statement to Parliament on Tuesday 13 March 2018.

As expected, Philip Hammond’s maiden Spring Statement was a rather uneventful affair, as he resisted making any changes to tax or spending.

In a 25-minute speech, he kept to his promise to provide an economic update and respond to the Office for Budget Responsibility’s latest forecasts rather than a replication of his predecessors’ lengthy Autumn Statements, with a few updates on tax consultations (such as single-use plastics, Entrepreneurs’ Relief after dilution, and EIS for knowledge-intensive companies) the only time he really deviated from this.

A summary of the 2018 Spring Statement is now available via the link below. In this publication we concentrate on the tax consultations that were announced either at Spring Statement or are currently ongoing. We are also taking this opportunity to remind you of tax changes which take effect for 2018/19.

▶ Download our Spring Statement 2018 Summary (PDF 1.83Mb)

If you have any questions regarding the information covered in this summary, or would like advice on a particular area, please get in touch with either your usual contact or any of the UNW Tax partners. Contact details can be found on the final page of this summary PDF.

We have also created a useful summary of the new tax rates and allowances for 2018/19.

▶ Click here to download our updated Tax Rate Card (PDF 365kb)

The team that completed the Management Buyout

UNW has recently advised Perfect Image, a long-established and trusted end-to-end IT solutions provider, on a Management Buyout (MBO) that completed in May 2019. Chiltern Capital, a London-based private equity firm, provided financial support.

Samuel Knight International, a global recruitment and project man-power specialist headquartered in Newcastle, was founded by Steve Rawlingson in 2014 with the ambition of shaking up the recruitment industry. Initially tackling an acute skills shortage in the energy and rail sector, it has demonstrated an impressive level of growth since its inception.

Newcastle-based chartered accountancy and business advisory firm UNW has advised Receptive Software Limited on its sale to business software firm, Pendo, which is headquartered in the United States.

Following on from our previous article, HMRC have announced an updated guidance for those who are going to be affected by the significant amendment to the VAT rules for construction services known as ‘domestic reverse charge’ accounting.

On 13 March 2019, UNW and Northstar Ventures held an interactive morning session aimed at charities and not-for-profit organisations that were keen to develop their understanding and use of impact measurement.