Budget Reports and Tax Planning Guides

Autumn Statement 2023

As Jeremy Hunt stepped up to the dispatch box for his second Autumn Statement as Chancellor of the Exchequer, the nation’s attention was firmly fixed on potential tax cuts.

Last autumn, the Chancellor used his fiscal speech to brace the UK for a “storm” of tax rises.  This year, however, with a fiscal windfall of around £27bn to play with, Hunt was able to turn his  attention to reducing the tax burden for households and businesses.

The Chancellor announced “110 measures to help grow the economy”, including a 2% cut to the main rate of National Insurance (NI) from 6 January, alongside incentives to encourage business investment such as permanently extending the full expensing initiative.

The speech may have done more to answer calls from the backbenches for tax cuts than was expected a few months ago, but Hunt held off from announcing any changes to inheritance tax or income tax, despite much media speculation.

Hunt also used his speech to set out the Government’s new ‘back to work plan’, promising additional support for those with health conditions, raising the minimum wage and introducing stricter benefits rules to encourage more people to rejoin the workforce.

In this report, we provide a comprehensive overview of the Chancellor’s key announcements, guiding you through the intricacies of the latest fiscal changes and dissecting the impact on businesses and individuals alike.

 

 

Taxes Made Easy

Our clear and concise tax guide for 2023/24.

 

Tax Card 2023-24

Featuring the key tax rates and allowances for individuals and businesses.

This information is also available on the HSKSG tax app which you can download here.

 

 

 

 

Spring Budget March 2023

Jeremy Hunt announced his second fiscal statement and first Budget since becoming Chancellor against a backdrop of fragile public finances, an ongoing cost of living crisis, and increased Government borrowing.

In January, the Chancellor appealed to the 9m ‘economically inactive’ people in the UK, specifically retirees, claiming: “to those who retired early due to the pandemic, or haven’t found the right role after furlough, I say Britain needs you.”

Ahead of time, then, we expected the Chancellor’s speech – dubbed the ‘back to work Budget’ by the media – to focus on the Government’s economic priorities: halving inflation, growing the economy, and reducing national debt.  With a surprise surplus of £5.4bn in January due to record self-assessment tax payments, and yearto-date borrowing undershooting the Office for Budget Responsibility (OBR) forecast by £30.6bn, the question has been whether Hunt would pay off some of what the UK owes, or funnel it back into the economy.

With that in mind, the Chancellor’s speech highlighted a plan of two halves: a series of shortterm measures designed to provide immediate
support to businesses and households, and a longer-term strategy for growth.

But how does his Budget stack up against the Government’s priorities – and what does it mean for people and businesses across the UK?

Read our guide to find out more.

 

 

 

Year End Tax Guide 2022/23

2022/23 has been the third of extraordinary tax years in the modern era. While 2020 and 2021 saw the heights of the pandemic, 2022 saw a surge in inflation mainly due to the continued supply chain issues after Covid, Russia’s war on Ukraine and rising energy prices.

Arranging your financial affairs as tax-efficiently as possible before the start of the new tax year on 6 April 2023 is therefore extremely important, especially when we consider the UK is expected to fall into a recession throughout 2023.

It doesn’t help that the past year has been mired with changes – and then U-turns – to the tax system, making the rules hard to keep track of. That’s what three Prime Ministers, four chancellors and three financial statements in one year will bring you.

That’s why we created this year-end tax guide – so you can see everything you need to know to start the new tax year the right way. You’ll find summaries of the main tax reliefs and allowances for the remainder of 2022/23.

Each section comes with a set of planning points, which you can use as a checklist to ensure you consider all of the key areas. And, of course, you can contact us if you have any questions or want to discuss your tax planning further.

 

 

 

 

 

Autumn Statement 2022

As Jeremy Hunt took to the dispatch box just 34 days after taking on the role of Chancellor of the Exchequer, all eyes were on him.

Following the dramatic sacking of Kwasi Kwarteng after his October mini-budget unleashed market turmoil, a swift change in Prime Minister, and an ever-burgeoning cost-of-living crisis, Hunt promised that today’s Autumn Statement (delayed from 31st October) would ensure his tax and spending plans would “stand the test of time”.

We’ve outlined the highlights of the statement and what it means for you and your business, here.

 

 

 

Fiscal Statement 2022

The Chancellor went much further than anticipated with the changes announced last week. It remains to be seen whether these measures will promote the level of growth hoped for, particularly against a backdrop of interest rate rises and likely lower spending capacity for the majority. For companies and the high net worth client, tax cuts and reliefs offered for investment are dramatic.

Here’s an overview of what was announced and what it means for you.

 

Spring Statement 2022

Amid rising pressure to bring in significant relief measures to combat the current international emergency, Chancellor Rishi Sunak implied ahead of time that he could only do so much.

But will it be enough to help households and businesses across the UK meet their skyrocketing costs?

Here’s how the Chancellor’s Spring Statement might impact you.

 

Tax Card 2022/23

Featuring the key tax rates and allowances for individuals and businesses.

This information is also available on the HSKSG tax app which you can download here.

 

 

 

 

Meet our experts

Anshu Mehan - Tax accountant Derby

Anshu Mehan FCA CTA TEP

Director - Taxation Services

Derby

Martin Tomes Tax Accountant Nottingham

Martin Tomes CTA

Director - Taxation Services

Nottingham

Jason Hancock

Senior Tax Manager

Derby

Jane Rees ATT

Taxation Services Assistant Manager

Derby

Becky Russan tax accountant Uttoxeter

Becky Russan

Tax Adviser

Uttoxeter

Gary Plumb

Taxation Services Senior

Nottingham

Davinder Talwar

Taxation Services Senior

Derby

Nazia Malik

Taxation Services Semi-Senior

Nottingham

So that’s us. What about you?

Drop us a line to discuss all things business, from your aims and ambitions to improvements you’d like to make in the short-term. We are here to help, so contact us to make a no-obligation appointment.