Spring Budget 2024 Summary

In the last scheduled Budget before the general election, Chancellor Jeremy Hunt was keen to project this as a Budget for growth and for hard working families.

His centre piece announcement was a cut to the rates of National Insurance paid by employees and the self-employed from 6 April 2024 and he will be hoping that these measures ease household budgets.

He was keen to reference an economic theory that tax cuts can pay for themselves, but at the same time announced a number of tax-raising measures to balance the books; these being the abolition of tax breaks for Furnished Holiday Lettings, axing Stamp Duty relief where more than one property is bought in a single transaction, changes to the Non-Dom regime and increased duty on vapes and tobacco.

Only time will tell whether he has done enough to re-energise the economy.

Read our Spring Budget Summary in full

Scottish Budget 2023

Our Tax Manager, Victoria Bishop, explains what yesterday’s Scottish Budget announcements could mean for you and your business.

Scotland’s Deputy First Minister, Shona Robison, presented the Scottish Government’s proposed spending and tax plans for the 2024/25 financial year with a range of new measures.

Read our Scottish Budget 2023 Summary in full

Autumn Statement 2023

The Chancellor, Jeremy Hunt, today unveiled the Governments tax and spending plans in the Autumn Statement.

With inflation falling to 4.6% in October 2023 (11% last autumn), Jeremy Hunt’s focus was on growing the economy and making work pay.  Large businesses will welcome measures to make permanent the “full expensing” of eligible capital expenditure, although this will offer little real help to smaller business who already benefit from the £1m Annual Investment Capital Allowance relief.

Smaller businesses will however welcome the announcement of a business rates support package worth £4.3 billion over the next five years, with measures that include the freezing of the small business rates multiplier for a fourth consecutive year and the extension of the retail, hospitality and leisure rates relief.

As usual, the devil is in the detail, and the Treasury documents contain far more information than the headlines.

We have listed the important announcements below, but please give us a call on 01228 711888 or our Dumfries office number on 01387 270340 if you have any queries about how these might affect you or your business.

Read our Autumn Statement Summary in full