In the Autumn Budget, Rachel Reeves promised that there would only be one fiscal event each year with no other significant tax changes coming more frequently. So would the Spring Statement offer any surprises? In her Spring Statement on 26th March 2025 the Chancellor Rachel Reeves repeatedly mentioned how the world changes rapidly: economic and […]
With time to consider the detail of the Autumn Budget it’s useful to reflect on the main changes impacting SMEs. Small businesses will be affected by many of the changes announced, particularly with regards to National Insurance contributions, fuel duty, and business rates. Employer’s National Insurance Contributions The main impact of the Autumn Budget on […]
Following our at-a-glance review of the key budget announcements, here is your downloadable guide with more detailed analysis of the measures that formed the 2024 Autumn Budget.
In the first Labour Budget since 2010, Chancellor Rachel Reeves delivered her Autumn 2024 Budget. The speech focused on details of the Government’s planned spending on public services, and the ways in which much needed revenue will be raised. What was clear was that the new Chancellor was keen to start to address some of […]
Download a detailed guide to the key tax changes announced in the Chancellor’s Spring Budget 2024
In a rather combative presentation, Chancellor Jeremy Hunt delivered what is widely expected to be the last budget statement before the general election. With limited headroom and the now usual trail or announcements in the lead up to his commons speech, there were no big surprises arising from this budget. Even the 2p reduction in the National Insurance contribution paid by employees, which was supposed to be his big curtain call announcement, had already been ‘leaked’ before the budget.
Former United States Secretary of Defence Donald Rumsfeld might have called Covid an ‘unknown, unknown.’ Nobody saw it coming and when it arrived nobody knew how to react. It was, in economic terms a black swan. Back to the present day and Mr Rumsfeld would probably say, when considering the outlook for 2024, we have a series of known unknowns facing us.
On Wednesday 22nd November 2023, Chancellor Jeremy Hunt delivered his Autumn Statement. With an election now on the horizon, he was always going to be hunting for some headlines whilst acknowledging that living costs are still high, inflation is still more than double its target rate of 2%, borrowing and debt remain at near record levels and wars rumble on in Ukraine and the Middle East, creating uncertainty and nervousness in global markets. So, what did he announce and what does it mean for you?
The 2023 Autumn Statement is due to be delivered on Wednesday 22nd November. We look at what might be announced by the chancellor.
The freeze on income tax thresholds is creating a series of tax cliff edge situations for middle income earners according to analysts. The Chancellor has made clear that the income tax thresholds will not change for a ‘few years’ meaning thousands of people are finding themselves paying more tax as their pay increases move them into the next bracket or create effective tax rates through loss of other income streams.
How on earth do you deliver an economy boosting budget when there’s no spare cash for headline grabbing giveaways, you have double digit inflation, you may or may not be heading into a recession, there’s war in Europe and the country is still struggling to recover from the impact of Brexit and the Covid pandemic? That was the uphill challenge facing Chancellor, Jeremy Hunt, when he stood up on 15th March to deliver his Spring Budget.
The Chancellor’s budget announcement that personal allowances and the threshold for the higher rate tax band will be frozen until April 2028, will see thousands more individuals paying higher levels of tax as a result. It is estimated that the move will see more than 200,000 (two-hundred-thousand) individuals moving into the higher rate tax band alone.