Autumn Statement 2023

On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament and started making, in his words, the long-term decisions […]

For employees In addition to income tax, all employees earning more than £12,570 a year pay Class 1 NICs. The main rate […]

The government will uprate all working age benefits for 2024/25 by the September 2023 Consumer Price Index (CPI) of 6.7% and will […]

The biggest ever increase to the National Living Wage has been announced, with the government fully accepting the recommendations made by the […]

Tax Relief for expenditure on plant and machinery The Annual Investment Allowance (AIA) is now permanently set at £1million. This means that […]

The VAT registration and deregistration thresholds continue to be frozen at £85,000 and £83,000 respectively, instead of increasing each year in line […]

‘Stealth’ increases The personal allowance and basic rate band threshold are still frozen at their 2021/22 levels and, subject to the outcome […]

The government has announced a comprehensive package of pension reforms that aim to provide better outcomes for savers, drive a more consolidated […]

The capital gains tax annual exemption is set to drop to £3,000 in 2024/25, down from £6,000 in 2023/24. This change will […]

The inheritance tax nil rate band continues to be frozen at £325,000 until April 2028. The residence nil rate band will also […]