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By Armstrong Watson

22nd November 2023

Autumn Statement 2023 - What does this mean for individuals?

In the previous months, there was much comment from the Government that it was too soon to focus on tax cuts given their promise to halve inflation. However, in recent weeks the speculation grew that tax cuts would be considered and even that Inheritance Tax (IHT) may be abolished.

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By James Fraser

22nd November 2023

Autumn Statement 2023 - Research and Development (R&D) tax relief changes

Research and Development (R&D) tax relief has been under the review by the government for a number of years, and the Chancellor’s Autumn Statement has confirmed the latest change.

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By Graham Poles

22nd November 2023

Autumn Statement 2023 - Announcements for small businesses

The big news around the Autumn Statement was the cuts to National Insurance (NI), which impacts both employees through their class 1 contributions but also the self-employed.  The Chancellor recognised the important work undertaken by the self-employed and wanted to simply the tax system for them.

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By Scott McIver

22nd November 2023

Autumn Statement 2023 - HMRC enquiries, tackling the tax gap

The Government has further committed to investing in HMRC’s ability to ensure that everyone pays the tax they are due to pay. This will include allowing HMRC to target its debt collection activity, pursuing those with tax debts who can afford to pay, and providing support to those who are temporarily unable to pay. It is estimated to raise £5 billion over the next five years.

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By Brian Rudkin

22nd November 2023

Autumn Statement 2023 - Employment tax - NIC reductions and National Living Wage

The main headline-grabber from the Autumn Statement on the employment side is the reduction of the main rate of employee National Insurance Contributions (NICs) from 12% to 10%, which comes into effect on 6 January 2024.

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By James Fraser

22nd November 2023

Autumn Statement 2023 - Capital allowances and full expensing

In his 2023 Spring Budget, the Chancellor sought to boost investment through changes to the capital allowances regime, including the introduction of full expensing relief effective from 1 April 2023. This was originally introduced as a temporary measure due to expire on 31 March 2026. In his Autumn Statement, the Chancellor announced that he was making the relief permanent.

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By Justin Rourke

22nd November 2023

Autumn Statement 2023 - Pensions and Savings

The Chancellor’s 2023 Autumn Statement is perhaps more remarkable for what it did not include, rather than what it did. Financial planners had widely been expecting ISAs to benefit from an increase in annual allowance and a simplification.

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By Becky Bowness

22nd November 2023

Autumn Statement 2023 - Head of Tax Initial Reaction

Jeremy Hunt has delivered an Autumn Statement he said will grow the economy and back British businesses, but while many of the fiscal plans announced seem generous, businesses may still see increased financial pressure in 2024.

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By Ann Probert

16th November 2023

Companies in financial difficulty – directors' duties to creditors

The insolvency of a company is not a black-and-white matter. Directors must use their judgement as to where their company is positioned to determine where the balance of competing interests between the company's various stakeholders should lie.

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By David Threlkeld

16th November 2023

£1.6m IHT tax dispute highlights complexities of reliefs for farm businesses

It can be dangerous to assume that all the assets owned by a farming family will be exempt from Inheritance Tax (IHT). Here we look at a recent tax tribunal in which £1.6m of IHT was at stake and the family concerned were denied their claim for Business Property Relief. 

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