Spring Budget 2024 – tax cuts and rebalance
The tax giveaway… again? In what seemed somewhat like a moment of déjà vu, the Chancellor announced a further reduction to the rate of national insurance to add to that introduced at the Autumn Statement 2023. With effect from 6 April 2024, the main rate of Class 1 national insurance paid by employees and Class […]
Spring Budget 2024 – property tax has never been so popular!
A number of announcements were made in respect of property taxation, many of which were suggested as a way to influence taxpayers. Too much can be a bad thing So, the theory goes, if you increase tax rates then revenue increases, but there comes a point when the increase influences taxpayers and revenue begins to […]
Spring Budget 2024 – Non-dom no more
Given that the Chancellor has previously defended the rules around non-UK domiciled individuals (or ‘non-doms’) by raising concern over the mobility of such individuals and claiming that he “would rather wealthy foreigners spent their money in Britain”, the announcement today was somewhat out of character… although some may claim it as a pre-Election gimmick, preventing […]
Autumn Statement 2023 – Growth, growth, growth…
As ever, in the last couple of weeks there has been a huge amount of speculation about what may or may not be announced at the Autumn Statement 2023 – abolition of inheritance tax; increase in the inheritance nil rate band; a stamp duty land tax holiday; a cut in the rate of income tax… […]
Autumn Statement 2023 – Two become one… a single R&D scheme for all
These days, it doesn’t feel like a proper fiscal event without an announcement around R&D relief! Much of this is predicated on the benefit that the Government believes this relief brings to the growth of the economy, while balancing the complexity of having multiple schemes in place and an undercurrent of belief that the level […]
Autumn Statement 2023 – Stability for companies to incentivise investment
In addition to the proposed changes to R&D and speculation around the Government’s plans for shareholders of private companies, there wasn’t much else to note in this space other than the extension of the full expensing provisions. Full expensing forever more Introduced at the Budget 2023 as a temporary relief from 1 April 2023 to […]
Autumn Statement 2023 – Tax cut, complexity and uncertainty
It’s a tax cut, Jim, but not as we know it Having been told by successive Chancellors for as long as one can care to remember that ‘national insurance is not a tax’, it feels so wrong to claim that there has been a tax cut today – that said, to the ‘man on the […]
Autumn Statement 2023 – All change for the self-employed
The key change announced for the self-employed was the ‘headline’ abolition of Class 2 national insurance and the reduction in the rate of Class 4 national insurance, both with effect from 6 April 2024. Class 2 national insurance is a flat rate charged at £3.45 per week and is there to preserve entitlement to contributory […]
Budget 2023 – everywhere, but not quite everything
In what was the first (and hopefully last) budget of 2023, there was a focus on growth being supported by the Chancellor’s four pillars – enterprise, employment, education and everywhere… not quite everything everywhere all at once, but there were some promises to review and reform the self-assessment for small businesses and sole traders which […]