Chancellor Jeremy Hunt used his Autumn Statement to deliver ‘110 growth measures’. With a 2% cut to national insurance and making the full expensing capital allowance scheme permanent, the Chancellor has certainly set the scene for an election year.
Please find to follow a round-up of analysis from the Lambert Chapman team.
If you have any specific questions or concerns, do get in touch with your usual contact or send us an email – info@lambert-chapman.co.uk.
LUCY ORROW – TAX PARTNER
“The self employed will not see the benefit for some time, as the reductions hit in the 2024/25 and so the tax saving will only show in the tax bill due on 31 January 2026. This is some way off and maybe less visible when the time comes but I’m sure it will be a headline grabber in the papers”
LISA GREENWOOD – PARTNER
“News prior to the Autumn Statement indicated that Jeremy Hunt was going to help businesses, and as someone that provides services to many small businesses, I was excited to hear what he had to say. However having listened to the budget, even though I am partially deaf, I am struggling to see where the help for the businesses is going to come from exactly”
LUKE MITCHELL – SENIOR MANAGER
“The savings generated by the cuts to National Insurance will help ease the ‘cost of living crisis’ and in some peoples circumstances, an element of this can be spent in our local pubs where the alcohol duty will remain frozen at current levels”
CRAIG WEAVERS – PARTNER
“The reduction in self-employed national insurance rates is welcome. For small owner managed businesses, they should speak to their accountant on whether the current trading style is the correct one for the business following this announcement”
GRAHAM McNEILL – PARTNER
“Most small owner-managed businesses keep a very close eye on cashflow and would only purchase assets if necessary and not just to reduce corporation tax. However, if an asset is required, then purchasing before the company year-end would be good and advisable tax planning”
NICK FORSYTH – MANAGING PARTNER
“Growth is flat in many areas and there are warning signs all around. Clients are facing pressure to cut prices to keep work suggesting that the usual pre recessionary desperation is taking hold to secure work at far too low a margin”
MARK PEARSON – PARTNER
“This budget was uneventful, but seeks to get the UK economy back on track. After the global pandemic, the impact of the war in Ukraine and the increased cost of living crisis, the UK economy has been through a turbulent time”
SEAN WIEGAND – PARTNER
“My main area of concern is who will pay the significant increase in the minimum wage? What about the more experienced staff who earn marginally more than those on minimum wage – should they not get a pay rise as well? If they don’t, then why take on the extra responsibility? Ultimately, this will fall firmly at the door of the business owner, but how do they afford it when things are already tight?”