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.