We are pleased to present our report and analysis following last week’s Autumn Statement, which states out the tax landscape for the year ending 5 April 2024.
We all expected tax rises but in many ways, I think we were built up to expect worse than the final announcement on the personal tax front.
However, business is going to bear the brunt of the tax rises and there is no concession on the implementation of the 25% corporation tax rate with a starting point of profits of only £50,000.
In addition, eligibility for Research & Development claims has been severely restricted for SMEs.
There is detailed analysis in the attached document.
We believe that some companies may need to consider their trading style and even consider ceasing to operate as limited companies going forward.
There will be a further statement in March, which may have a bearing on the final position from 1 April 2023 onwards.
If you have any specific queries relating to this budget report, please do not hesitate to contact us.
In the first instance, the best people to contact would be either me or our tax manager Fran McRae.