The Autumn Budget 2018 | An Overview

Black And White Black And White Budget 1537165
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by Fraser Farrington on

Phillip Hammond, the Chancellor of the Exchequer, delivered his second ‘Autumn Budget’ this Monday which included a number of giveaways, a number of ‘holds’ where an increase may have been expected and a number of measures which allows the Government to argue it is taking a tough stance on tax avoidance. A number of ‘difficult’ issues or those which could have generated negative headlines were largely not addressed.

The big news for the recruitment industry was of course confirmation that the off-payroll working rules are to be extended to the private sector from April 2020. These rules have been in force for the public sector since April 2017 and following the recent consultation ‘fact sheet’ which declared the public-sector roll-out a huge success, it was perhaps inevitable they would also be introduced to the private sector.

Morson added its voice to those of many stakeholders advising the Government that an introduction in 2019 would not give businesses time to prepare, so the pushback to April 2020 is a small win in that respect. The Government also announced that the rules will only apply to ‘large and medium-sized’ businesses, perhaps a nod to the reality that the introduction in the public sector was not as smooth as HMRC expected. Again, this represents a small win. We await final legislation which will confirm whether the responsibilities for the IR35 decision and the liability for any tax due remain the same.

A comment also on the changes to VAT in the construction sector which has not generated many headlines but could represent a significant admin burden if not managed properly. Legislation will be published alongside Finance Bill 2018-19 to provide for a ‘VAT reverse charge’ on building and construction services, due to come into effect on 1 October 2019. If labour services are caught, intermediaries will in effect become responsible for collecting VAT on behalf of their construction contractors and must make sure not to include VAT in payments to impacted workers. We await final legislation here which will confirm the details, but it is expected that the rules will apply where work is deemed caught by CIS.

Some of the other key points include:

  • Personal allowance increased to £12.5k, a year earlier than planned
  • Higher rate threshold increased to £50k, a year earlier than planned
  • National living wage increased to £8.21 a year from April 2019
  • Increases in allowances to companies for certain capital spending
  • Additional £20.5bn to NHS over the next 5 years
  • Extra £400m to schools for ‘little extras’
  • Additional £700m for local councils for social care
  • Pothole fund to help repair damaged roads

Key ‘holds’

  • VAT threshold of £85k/year will not be reduced until 2022 at the earliest
  • Confirmation that abolition of class 2 NICs will no longer go ahead
  • No rises in fuel duty, or duties on beers, cider and spirits

Enforcement/ Anti-avoidance measures

  • Digital service tax of 2% on UK revenue of big tech companies, from April 2020 – very light on detail but no doubt intended to counter negative headlines around lack of action on Apple, Amazon, Facebook et al’s perceived aggressive tax planning
  • Return of HMRC as a “preferential creditor” – meaning the taxman is “bumped up” the repayment queue in the event that taxpayers enter liquidation
  • Rules to shift tax liabilities to Directors where companies are intentionally placed into insolvency
  • Various offshore anti-avoidance measures

It was notable that there was no mention of the Taylor Review or the gig economy in the budget documents, perhaps a surprise given that the Government consultations closed almost six months ago.

The Chancellor warned that a further Budget may be required depending on the outcome of the Brexit negotiations.

For more extensive budget coverage, including a budget calculator to see how the budget could affect you, please see the BBC budget website.

Or, for more detailed budget information, including the budget documents themselves and legislative detail, please see the government budget website.

Cx Jobs

Commercial Manager

Assessing the existing commercial landscape and looking at the impact on programme delivery. Designing and implementing approaches which ensure effective delivery of the right outcome for the department. Leading on supplier integration with regards to relationship and cost impact upon the department. Clarifying the ability to terminate current contracts, working with programme finance leads to understand impact and realisation of any potential benefits. The ability to renegotiate existing contracts. Managing the impact of existing commercial financial models. Acting as primary point of contact between the incumbent supplier(s) and the department. Manage the sourcing activities for medium cost and business risk opportunities and work collaboratively with relevant customers and stakeholders to create and deliver commercial and contractual value

System Integration Project Manager (SiteTracker)

System Integration Project Manager (SiteTracker) Location: Bristol or Manchester Duration: 3 month rolling contract inside IR35 - Will take you to at least end of the financial year Our global Telecom client require an IT Project Manager who will be responsible for creating and leading an integrated team to deliver end-to-end projects ensuring they have a valid business benefit, deliver on time, within budget and to agreed quality criteria from conception through to market launch and transition into operations. Youll have the following skills & experience * Good knowledge of and experience with Sitetracker * Professional experience delivering medium to large projects (<£5m) within a Gated Project Governance process, focussed on: o Integration with supporting / adjoining systems, principally SiteTracker o Underpinning and interlocking wider business change and process re-engineering * Excellent track record in project delivery within a fast paced, Technology environment in the telecoms business using a range of internal and external suppliers to deliver. * Experience working with a range of stakeholders, up to 'Director of' levels If you are interested in hearing more about the position and the company then please apply directly or get in touch for more information -


Our client a leading oil and gas operator is looking for an accountant to join their team on a temporary 3 month contract until September.Position OverviewThe role is responsible for preparing accurate month end accounts in Gross GBP, preparing partner reporting and issuing billings for recovery of partner share of costs. The JV accountant will ensure costs are accounted for correctly and charged to JV partners in a timely and efficient manner and in accordance to the relevant JOAs. The JV Accountant acts as a key focal point for JV partners and is responsible for billings, resolving queries, partner budget approval etc. The JVA & Reporting Lead will also manage the reporting in Gross GBP costs to the COO and asset teams to provide an overview of the operational performance of the assets. Accountabilities * Key focal point for JV partners in resolving queries, partner budget approval etc * Attend Partner OCMs and TCMs as required, delivering Finance messages and responding to Finance questions * Responsible for issuing billings and resolving late payment queries * Support the Business Planning and Reforecast process through data collection, analysis and preparation of presentation material * Develop and foster close working relationship with the our clients, Tax, Treasury, Commercial and Business Planning teams * Assist Field Managers and their teams to deliver the annual Work plan and budget, annual partner budgets and quarterly re-forecast submissions. Highlight any issues from a financial perspective to Management prior to submission to UK Planning and partners * Provide input to COO monthly presentations for the Asset team on Production, Opex, Capex and Free Cash Flow plus performance against budget/plan and re-forecast * Month end reporting requirements Key Duties * Represent our client in Opcom meetings * Creation of Annual Work Plan and Budget, Reforecast, Life of Field Plan and annual partner budgets with input from cost control and optimisation team to reflect functional plans. Provide oversight, review and assurance during the preparation of the financial (opex and capex) and production * Prepare accurate month end accounts * Understanding the actuals compared to forecast/budget with reporting of variance analysis for key measures through PRS commentary * Prepare and issue Joint Venture monthly partner billings and ensuring timely receipt of cash call / invoice funds from partners. * Perform review and control procedures, ensuring appropriate and accurate operational shared cost allocations are aligned with JOA obligations * Monthly review and update of forecasts in SAP Analytics Cloud * Review and update of month end costs not managed within the cost optimisation team i.e studies, production operations, licence costs et. * Review and post journals to record tariff, transportation costs and any cost shares correctly * Assist with the Joint Venture external audit and work to resolve audit findings in a timely manner * Preparation of JV partner reports and facilitation of partner budget and AFE approvals * Representative at OCM meetings * Key reconciliations for area of responsibility including accrual reviews * Ensure compliance with our clients Capital Governance process and policies as prescribed in Joint Operating Agreements * Preparation of Finance slides for the Monthly COO pack * Preparation of Early Warning Report * PRT support for tax team * Update and submission of Indeva template for budget and reforecast purposes * Preparation of gross to net reconciliations Education Attainment & Accreditation * Qualified accountant or experienced accountant with oil and gas industry experience in a financial/commercial environment(SAP experience needed)Professional Skills & Experience * Experience in an oil and gas environment strongly preferred * Strong aptitude for numbers and analysis combined with strong excel skills * Strong PowerPoint and effective presentation skills Interpersonal Skills & Qualities * Commitment * Teamwork * Reliability * Positive Attitude * Initiative * Drive / Motivation * Ownership * Professionalism * Embraces Change and Continual Improvement * Actively demonstrates our clients core values of Leadership, Excellence, Accountability and Positivity I & D Statement We are an equal opportunity employer, aiming to recruit, retain and develop our people based on merit. Recognising the value of a diverse workforce, all applicants will receive equal treatment regardless of race, gender, nationality, age, sexual orientation, religion, disability, or any other characteristics protected by law.

Naval Architect - Weights

Role DescriptionThis role will centre on the production of a full complied and reconciled Weights database.A key element of the role is the assessment of system Third Party Information (TPI) to identify structures, equipment and systems and check against the ShipWeight database.The Weights Engineer will be required to translate weights information into a purpose-made tool, which allows and configured against the project Master Equipment List.Regular reporting of progress against Weight Management Plan. ExperienceExperience of weight engineering processes (weight, centre of gravity, weight distribution, etc)Knowledge of ship structures, routed systems and/or outfit and arrangementAbility to understand and interpret Classification Society (Lloyd's Register) requirements in the context of cable selection and routing.Experience of assessing system and equipment data.Experience of interpretation and manipulation of large amounts of data. SkillsGood attention to detail with the ability to identify inconsistencies across complex datasets and design information.Ability to work independently and solve problems via liaison with other functions across the project.Strong interpersonal skills, adept at communicating at various levels across technical and commercial settings.Ability to clearly articulate progress and report key issues and risks to team management, and proactively work to minimise technical and schedule impacts.Good knowledge of Weights, AutoCAD and Rhino highly desirable.Basic knowledge of ShipWeight desirable.To apply for this position, you must be eligible to live and work in the UK and either possess or be able to obtain UK MOD Security Clearance to SC Level.Location can either be Rosyth or Devonport.

Skills and qualifications needed for a career in cyber security