Your FREE guide to the Spring Budget 2023
Chancellor, Jeremy Hunt’s Budget 2023 revolved around the theme of back-to-work through the extension of free childcare, and the lifting of pension caps.
The aim of the government is to boost employment and therefore economic growth. However, the reality of the public finances means the Chancellor had very little room for policy manoeuvre.
Other key takeaways included:
- An extension to the energy price cap guarantee
- The fuel duty cut remaining in place
- New investment reliefs to offset against corporation tax
You can access a more detailed summary of the announcements in our blog, providing you with analysis as to when they come into effect, how they could impact your finances, and potential planning considerations.
Access the Spring Budget summary
The freezing of several tax bands from the Autumn Statement 2023, combined with the rise in the headline rate of corporation tax, due to come into effect in the next financial year, means the tax burden is set to reach a 75 year high!
In light of this, be sure to get in touch. Planning around when new, and amended, tax legislation will be enacted can help offset the potential impact on your financial position.
Finally, if you haven’t done so already, do also subscribe to our monthly newsletterfor more tax insight, analysis, and top tips.
Yours sincerely
Stuart Crook
Partner
More in Accountants
Why having an audit can boost your business
Many directors will wince at the prospect of an audit, seeing it as a necessary evil to meet statutory obligations.
FRC Proposes Major Overhaul of Auditing Standards
In a bold move, the Financial Reporting Council (FRC) has unveiled proposed changes to auditing standards that could have a major impact on the financial world, according to chartered accountants and business advisors Whitley Stimpson.
Whitley Stimpson shines as finalist for top national award
Service Charge Accountancy specialist Jonathan Walton of Whitley Stimpson has been recognised for his outstanding work in the field by being shortlisted for a prestigious property industry award.
From this author
Budget 2024 review: A bitter pill for SMEs?
Tom Biggs, Partner at Wellers, the Oxford-based small business accountants, discusses the latest Budget and the impact it will have on SMEs.
Understanding HMRC tax investigations: A guide for business owners
Simon Smith, Managing Partner at Wellers, discusses what business owners need to know about tax investigations, including whether you could be a target.
Evolution and Growth for Oxfordshire’s Wellers
Simon Smith takes the helm as Managing Partner