The Autumn Statement Explained

Two people reviewing what the 2023 Autumn Statement means for them on a laptop. Talk to RA Accountants tax team discuss your long-term planning.

On Wednesday, the Chancellor Jeremy Hunt delivered the Autumn Statement Speech.

During his speech he outlined that the government was planning to  bring in 110 growth measures for British businesses. In our guide to the Autumn Statement, we take a look at some of the most interesting measures and explain what they might mean for you and your business.

Click here to read our guide to the 2023 Autumn Statement

Autumn Statement – Key Takeaways

  • Cuts to employee NICs take effect from 6 January 2024 and self-employed NICs from 6 April 2024
  • 100% first year allowances (‘full expensing’) for companies made ‘permanent’ (originally due to expire 31 March 2026)
  • Extension of the ‘cash basis’ of computing taxable profits for unincorporated businesses
  • Reforms to tax reliefs for research and development and creative industries
  • Affirmation of support for the state pension ‘triple lock’ with an 8.5% increase from April 2024, based on average earnings
  • No changes announced to Income Tax, Inheritance Tax or Stamp Duty Land Tax – all remain fixed at levels previously announced
  • Simplifications announced to the Making Tax Digital regime to be introduced for income tax self-assessment in April 2026

Autumn Statement – Find out more

If you need support to understand what the Autumn Statement means for your business and personal finances, we are here to help.

We offer a complimentary, initial online consultation to discuss your personal circumstances and to see how we can help. Get in touch to book your appointment today.

These articles are for guidance only and professional advice should be obtained before acting on any information contained in them.

No responsibility can be accepted for loss occasioned howsoever to any person as a result of action taken or refrained from as a result of reading.

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