There are few things that are certain in this world, other than death and taxes…and politics.
This year, the Chancellor’s Autumn Statement was perhaps as notable for those changes that weren’t announced as those that were. In the days leading to the event, several news stories circulated detailing the expected reduction – or potential abolition – of inheritance taxes, as well as changes to stamp duty. Yet neither featured.
Instead, the major announcements were focused on: reducing the tax cost for the working-age public by cutting the rates of national insurance; benefitting pensioners by maintaining the triple-lock for state pensions; and promoting business investment under the full capital expensing regime.
With a general election fast approaching, this was clearly a budget intended to woo potential voters. And with tax savings spread across a variety of areas, many will benefit.
The Chancellor described it as a Budget for Growth. But as specialist advisers to small and medium-sized enterprises – the engine of economic growth across the UK – we consider it more a Budget for Big Business. The new expending rules in particular, considered to be worth £10 billion per year, will be of little advantage to most UK businesses, who would in any case have been covered by the existing annual investment allowance. But it’s certainly not all bad news, and there are plenty of opportunities available for UK businesses and individuals.
- National insurance cuts
- Living wage increase
- Benefits and state pension increases
- Self-employed tax cuts
- Business rates discount
- Business investment tax break
- Alcohol duty freeze
- Housing and planning measures
- No inheritance tax cut
- No change to income tax
How Xeinadin Group can support you
Whilst the Autumn Statement may have missed opportunities, it is more important than ever to have a trusted business advisor by your side to build resilience and guide you through uncertain times.
Speak to us today to learn how we can help.