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Autumn budget 2024

7 minutes to read ‘Difficult choices’ was the phrase repeated at regular intervals by Chancellor Rachel Reeves in the first Labour Budget for 14 years, to ‘fix the foundations’ and ‘deliver change’. At 77 minutes, Ms Reeves’s speech was the longest we have heard for a while and contained a vast array of announcements on tax and spending. The …

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Budget: 6 March 2024

7 minutes to read The 2024 Spring Budget The main themes in the Spring Budget delivered by Chancellor, Jeremy Hunt, on 6 March were growth, public services and lower taxes. On growth, there was relatively little to excite – the Office for Budget Responsibility upgraded its forecast for the current year by 0.5% and now predicts the UK economy …

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Autumn statement: 22 November 2023

4 minutes to read A ‘transformational’ Autumn Statement? With better-than-expected inflation figures the Chancellor of the Exchequer, Jeremy Hunt appeared keen to shed his party’s reputation of having overseen the biggest increase in the tax burden since the Second World War. With a total of 110 changes, the speech was billed as ‘a plan to unlock investment, reward work and …

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Claiming R&D tax relief? New process from 8 August 23

4 minutes to read Changes to the process for claiming R&D tax reliefs and allowances, and what they mean for your business need careful attention right now. From 8 August all R&D claims must be made electronically through HMRC’s portal, alongside detailed information regarding the claim. R&D tax relief R&D tax relief supports companies that work on innovative projects …

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Sole trader or partnership? Trading profits tax reform

4 minutes to read The procedure for assessing when trading profits are taxed is changing radically. The change is called basis period reform.  Essentially, means there’s a different time period underpinning the tax assessment. Using the new tax year basis, tax calculations will apportion accounting profits to the tax year (unless the accounting year ends between 31 March and …

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Autumn Statement 2022

4 minutes to read The Chancellor of the Exchequer, Jeremy Hunt delivered his Autumn Statement on 17 November 2022, against a backdrop of record inflation and market instability. This was a Budget of balance, with none of the usual “rabbit out of the hat” announcements. Instead, the emphasis was on financial stability, creating growth and protecting public services. Mr …

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