Talk to the Taxperts

01382 312100

Main Announcements From The Autumn Statement 2023

Chancellor, Jeremy Hunt, delivered his Autumn Statement this afternoon presenting an upbeat perspective on the economy and its prospects, an assertion subsequently rubbished by Shadow Chancellor, Rachel Reeves.

Regardless of your political perspective, there was something in the Budget affecting most people. Below is a summary of the changes:

For the employed
  • National living wages rises to £11.44/hour from April 2024
  • Class 1 employees NIC reduce by 2% to 10% with effect from 6 January 2024
For the self employed
  • Class 2 NIC abolished for those earning over £12,570 from 6 April 2024
  • From the same date, Class 4 NIC reduced by 1% to 8%
For business
  • Full expensing of capital items made permanent
  • Simplification of R&D by merging the RDEC and SME schemes
  • Frozen alcohol duty
For individuals
  • No change to Capital Gains Tax nor Inheritance Tax rules
  • State pension to increase by 8.5% from 6 April 2024, maintaining the triple lock pledge
Administration
  • More investment in HMRC to target debt due to HMRC

The above is by no means all of the measures announced, that will be found in our Autumn Statement Summary tomorrow.

With certainty supplied for a short period of time, taxpayers must still be aware, currently, of the likelihood of a change in government, signalling a potential shift in tax policy. Therefore, if you are planning any major changes such as investment decisions, family succession, remuneration planning etc, it would be wise to consider timing bearing in mind the next election will likely be in the next 12 months, with October 2024 currently the projected favoured date.

Our EQ Taxperts are on hand to speak with you on any such matters but in advance of that, time to grab a drink, happily for the same price as before!

Latest News

View all latest news

February 9, 2024

Let Me Entertain You!

A client recently contacted us to ask about the tax implications for booking tickets for the Six Nations Rugby Championship. He was considering inviting both clients and staff…

January 3, 2024

New Year, New Tax Changes

With the start of another year, it’s time to think about the changes that lie ahead. Instead of skipping ahead to 1 April or 5 April, this year…

Download our EQ app and keep up to date with tax news, changes and have access to our EQ Portal, tax calculators and key tax dates at your fingertips. Click on the relevant button on your device to download our free app.

Visit EQ Accountants Visit EQ Accountants

Explore the full range of EQ Expertise

acca
CA
icaew
the-charteded-institute-of-taxation-logo