About:

Unsurprisingly, there were no changes to the rates and allowances for Income Tax purposes, VAT, Corporation Tax, Inheritance Tax and Capital Gains Tax. NIC charges for employees and the self-employed were eased and the Chancellor has bowed to lobbying by UK companies and has made the “full expensing” of main rate capital expenditure a permanent feature – it was due to end 31 March 2026.

NIC changes in more detail

For employees

The Chancellor saved changes to NIC until the end of his presentation and was his main tax give-a-way.

He reduced the Class 1 employees contribution rate from 12% to 10% and this will apply to deductions made from earnings from 6 January 2024. According to Treasury estimates...

You can check your National Insurance record online at GOV.UK to see:

• what you have paid, up to the start of the current tax year (6 April 2023);

• any National Insurance credits you have received;

• if gaps in contributions or credits mean some years do not count towards your State Pension (they are not ‘qualifying years’); and

• if you can pay voluntary contributions to fill any gaps and how much this will cost.

Your online record does not cover how much State Pension you’re likely to get.

To check your National Insurance record, you’ll need to sign into your personal tax account using your Government Gateway user ID and password.

If you do not have a personal tax account, you will need...

The Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons. The government continues to be faced with challenging economic conditions as the cost of living crisis continues to affect many families across the UK.

The Chancellor, however, had some good news with inflation falling to 4.6% in October, down from a peak of over 11% last year. This together with the prospect of an upcoming general election suggested that there may have been more giveaways than in a usual Autumn Statement and this seems to have been borne out.

The OBR also provided good news and forecast inflation to continue to fall gradually. CPI inflation is expected to be 4.8%...

On the 22nd November, the Chancellor delivers his Autumn Statement 2023. Presumably, we should expect some give-aways as 2024 is an election year, although the real platform for potential easing of tax rates will probably be deferred until the Spring Budget 2024.

Larger corporations have lobbied to make the “Full Expensing” of capital expenditure, i.e., no limits on the 100% write-off for corporation tax purposes, a permanent feature of the corporate tax system. Presently, the relief is due to expire 31 March 2026.

The Chancellor will no doubt be gratified by the recent fall in inflation. The rate dropped sharply to 4.6% in October 2023 as energy prices continue to fall.

However, it is unlikely that this will...