If it feels like this year’s budget has come around faster than usual, that’s because it has. In order to avoid any clash with Brexit negotiations, and to allow for a clearer round of discussions on the subject in November, the budget announcement has been moved forward by three weeks. On October 29th chancellor Philip Hammond will reveal how much he intends to spend over the next year, what he intends to spend on and, perhaps most importantly, how he intends to raise that capital. And, if Brexit negotiations have wreaked their havoc on the timings, it’s fair to say the implications don’t end there. The uncertainty surrounding the talks have meant it’s been difficult to predict exactly what might be revealed in the coming statement. However, we’ve attempted to draw some clarity from the situation and here are our top tips for how things might change come the end of the month. Will there be a tax hike? It’s always the biggest question that surrounds any budget announcement: essentially people want to know if their pay packet will be any lighter. Well, there may be good news on that front. The Office for Budget Responsibility, an independent body, recently underestimate the amount the treasury had received in tax receipts by around £13 billion (it’s only a small accounting error…) The upshot of this, is it’s unlikely that there’ll be any tax increase and, if so, only a small one. It’s also a lucky break for the chancellor, who has already made a series of promises totaling around £100 billion. Will the Health Service be hit? Possibly the second most popular question amongst the general public – if I’m ill, will there be sufficient resources and care? Well, again, we’re expecting good news. In a policy that was announced earlier in the year, PM Theresa May promised £20 billion to the NHS over the next five years. The downside is that equates to an increase of around 3.4% annually, which is slightly less than the 3.7% the organisation has received each year since its inception in 70 years ago. Insurance Premium Tax (IPT) Increase There may be some of you left scratching your hear about exactly what IPT is. But if you’re paying for things like home, pet, car or medical insurance then this is a tax that has been levied on you. And, as of late, it’s been increasing pretty rapidly. Initially pegged at 6% in November 2015 after three rounds of hikes it currently stands at 12%. We’re expecting even further increases in this month’s budget but quite how far the Mr. Hammond will push it remains to be seen. What will Happen to Pensions? Pension savers have recently experienced something of a favourable tax rate after a series of breaks. It’s estimated that this costs the treasury around £39 billion each year but probably not for much longer. Philip Hammond is expected to bring an end to this in an attempt to fund the increased budget that will be directed to the NHS. How will the Self-Employed be Affected? The self-employed can often find themselves at the forefront of the financial strain when it comes to the budget. This year we’re expecting there to be a crackdown on individuals claiming to be self-employed and taking on work as a contract but, in fact, are essentially employed by another company. This allows them to access tax breaks in the form of avoiding national insurance payments. It’s estimated a third of people claiming to be self-employed implement this tactic with these ends in mind. We’re expecting there to be a clamp down on these people.