Welcome to our 2023 Autumn Statement Summary.
This autumn’s budget holds core personal and business tax modifications to be aware of. The key highlights are:
Personal:
- Income tax is unchanged, but the soon-halving dividend allowance means more investors are exposed.
- Pension triple lock boosts payments 8.5%.
Business:
- Cash-based accounting expands eligibility.
- Enhanced capital allowances are now permanent.
- NIC will drop for employed and self-employed.
- HMRC gets enhanced resources to pursue overdue taxes vigorously.
- R&D schemes are merging.
- Business rates and stamp duty tweaks were announced too.
We recommend that you review your financial plans regularly as some aspects of the Budget will not be implemented until later dates. At the back of the Summary, you will find a calendar of the tax year with important deadline dates shown.
We will, of course, be happy to discuss with you any of the points covered in this report and help you adapt and reassess your plans in light of any legislative changes.
Just give us a call at 01273 963656 or 01444 716946, or email us.
Paige Collins
Managing Partner
