Philip Hammond’s first Autumn Budget started with a sequence of humorous statements, including referring to Theresa May’s coughing pout at the Conservative Conference. However, he soon got down to business and delivered his hour-long Budget speech, announcing changes that will impact on contractors, freelancers and small businesses. Here is our summary.

The Lifetime Individual Savings Account or LISA, as it is often shortened to, was launched in April 2017. Aimed to encourage young people (specifically those aged 18-40 years old) to simultaneously save for their first home and retirement as both are major concerns for the younger generation.

Value Added Tax, VAT for short, is levied on the sale of nearly all goods and services by businesses. VAT for goods and services is charged at differing levels. The standard VAT rate of 20% is charged on most goods and services. In principle working out how much VAT to pay HMRC seems simple, but it can more complex than you think.

With interest rates low and house prices steadily rising, investing in property is often thought of as the ideal money making opportunity – and an easy, safe bet. It is no wonder then that if you have a little bit of money to invest you are lured by the thought of a regular income, or a boosted retirement pot. However, many do not consider, or are not aware of, all the tax implications they face.

It is likely you have noticed that interest rates on savings are at an all-time low. Your Individual Savings Account (ISA) is probably earning you as little interest as your other savings (and general bank) accounts, and there does not seem to be much chance of the base rate increasing significantly any time soon. However, there might still be ways to take advantage of ISAs. 
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