The Case of the Missing Budget

An Eventful Year

It’s been an eventful few years in British politics, but 2019 has been something else again with one jolt after another.

The 29 March deadline for the UK to leave the EU was extended to 31 October and then again until 31 January 2020. Boris Johnson replaced Theresa May as Prime Minister and Sajid Javid succeeded Philip Hammond as Chancellor of the Exchequer.

Javid was poised to deliver his first Budget on 6 November against a backdrop of constitutional crisis but, in late October, it was cancelled as Parliament voted in favour of holding the first December general election since 1923.

With all eyes on Brexit, those with an interest in fiscal policy were left bewildered: could this be the first year without any Budget at all? After all, the Spring Statement became a non-event on Hammond’s watch.

That’s not the only question. For example, we know there will be a Budget at some point, but when?

Will changes passed into law in the Finance Act 2019 and set to commence in April 2020 actually happen when the new tax year gets under way?

The VAT reverse charge for construction services has already been delayed, just a few weeks before the original deadline. That's now set to take effect from 1 October 2020.

Off-payroll rules rolled out in the public sector in 2017, are due to hit the private sector in 2020 – could that also be delayed? The calls are certainly getting louder. In this special bulletin, we’ve combined what we do know for sure with informed analysis to suggest how the next six months might pan out.

And so the roller coaster rolls on.

To read the full report and learn whats ahead for businesses in 2020, click on the link below.

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