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Autumn Statement Anova

The Autumn Statement 2023

This update summarises the main tax changes that were announced by Mr Hunt, with an explanation of what they are likely to mean for your business or your family. If you would like to discuss what these measures mean for your individual circumstances, we will be pleased to help.

Significant points:

  • Cuts to employee NICs take effect from 6 January 2024 and self-employed NICs from 6 April 2024
  • 100% first year allowances (‘full expensing’) for companies made ‘permanent’ (originally due to expire 31 March 2026)
  • Extension of the ‘cash basis’ of computing taxable profits for unincorporated businesses
  • Reforms to tax reliefs for research and development and creative industries
  • Affirmation of support for the state pension ‘triple lock’ with an 8.5% increase from April 2024, based on average earnings
  • No changes announced to Income Tax, Inheritance Tax or Stamp Duty Land Tax – all remain fixed at levels previously announced
  • Simplifications announced to the Making Tax Digital regime to be introduced for income tax self-assessment in April 2026

 

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