We’re all familiar with the Budget. The Chancellor of the Exchequer stands in front of MPs and announces changes to the tax system, perhaps an increase in a rate of tax, a reduction to an allowance or the introduction of a new tax. 

But how were those changes decided upon and how and from when will they take effect? This is covered in our new video where we explore the consultation and Finance Bill processes, and explain the role we play in them.

This video is part of a series that aims to give an easily digested description of different aspects of tax that can be readily understood by anyone who is not an expert in that particular field. In other videos we explore why the tax year starts on 6 April and Making Tax Digital for income tax, which will require many sole traders and landlords to keep digital records and submit quarterly updates to HMRC.

We will be adding to the collection in the coming weeks and months, to build up a resource to be used by all accountants. If there is a topic you’d like to see covered, please email Stephen Relf.