Following this week’s speech by The Chancellor, Jeremy Hunt, our summary of the Autumn Statement is now available to download from our website:
For employees and the self-employed, the key headline was cuts to National Insurance, which depending on income levels, will provide some modest tax savings.
For companies, but typically those at the larger end of the scale, who are making significant levels of investment in plant and machinery, the announcement that the full expensing rules are to be made permanent, will no doubt be welcomed, and allow them to claim a form of 100% or 50% First Year Allowance against their taxable profits.
Many will be disappointed that the announcements didn’t include any information in relation to possible cuts in Income Tax nor Inheritance Tax for which there had been some rumours … but maybe some surprises will come in the Spring.
Our summary provides more details from the announcements.
If you have any queries, or would like to discuss how the changes may apply to you or your business, please don’t hesitate to contact a member of our tax team.