Budget 2024: looking behind the speech The Budget included headline-grabbing tax changes but others were buried in the fine print. What were they and how might they affect you? Headlines Undoubtedly the biggest changes announced in the Autumn Budget were those affecting employers’ NI, pensions and inheritance tax reliefs. We’ll cover these separately in dedicated ... Read More
Autumn Budget 2024 Chancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’. Table of contents. To see the Full Dunhams budget report download it here Introduction Billions in tax rises Ms Reeves said the Budget will raise £40 billion in ... Read More
Spring Budget 2024 ‘Budget for Long Term Growth’ Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’. Table of contents To see the Full Dunhams budget report download it here Lowering taxes The Chancellor made further ... Read More
The Autumn Statement 2023 On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits. Table ... Read More
Spring Statement 2023 – Introduction Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. Driving business investment The Chancellor announced a £27 billion transformation of capital allowances from April this year, which will include ... Read More
Spring Budget 2023 – Personal Tax The personal allowance The income tax personal allowance was already fixed at the current level until April 2026 and will now be maintained for an additional two years until April 2028 at £12,570. The government will uprate the married couple’s allowance and blind person’s allowance by inflation for 2023/24. ... Read More
Spring Budget 2023 – Employment National Insurance Contributions (NICs) A similar principle to that outlined above for income tax thresholds will be followed in respect of many of the NICs thresholds, namely that they are frozen at the limits for the preceding year and will remain at those levels until 2028. Full details are laid ... Read More
Spring Budget 2023 – Business Corporation tax rates The expected increase in the rate of corporation tax for many companies from April 2023 to 25% will go ahead. This means that, from April 2023, the rate will increase to 25% for companies with profits over £250,000. The 19% rate will become a small profits rate ... Read More
Spring Budget 2023 – Capital Taxes Capital gains tax (CGT) rates No changes to the current rates of CGT have been announced. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains, ... Read More
Spring Budget 2023 – Other Matters Back to work Major themes in the Budget were getting people to enter work, increase their working hours and extend their working lives. These include numerous proposals detailed below. Childcare Working parents in England will be able to access 30 hours of free childcare per week, for 38 weeks ... Read More
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