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2023 Spring Budget
Please find enclosed our summary of the Spring Budget delivered by the Chancellor Jeremy Hunt on Wednesday 15 March 2023.
Autumn Statement 2022
The Chancellor, Jeremy Hunt, was faced with a challenging economic backdrop to his first major set piece.
The Growth Plan - a further update
At 6.00 am on Monday 17 October, the Treasury issued a press release announcing that the (new) Chancellor, Jeremy Hunt, would be making a statement “bringing forward measures from the Medium-Term Fiscal Plan”.
The Growth Plan – an update
The government’s political turmoil ratchets up as the fallout from the ‘fiscal event’ of 23 September claimed its first scalp
The Chancellor's Growth Plan
Kwasi Kwarteng’s first set piece as Chancellor of the Exchequer was never going to be easy, even before the 0.5% increase in interest rates on 22nd September. Nevertheless, Mr Kwarteng’s launch of ‘The Growth Plan’ contained some surprises.
The Chancellor's Growth plan also announced the following:
The energy price schemes
The Government have announced two separate schemes aimed at limiting the impact of soaring gas and electricity prices.
Spring Statement 2022
The Spring Statement was not meant to be a March mini-Budget, despite what many headlines in the days before suggested.
Cost management: striking the balance
Adjusting to the new economic climate may tempt you into focusing on additional cost cuts or consolidating pandemic changes to manage cash flow and finances.
Jointly held assets
For spouses and civil partners, income from jointly held assets is normally shared equally for income tax purposes, even if actual ownership differs.
Claiming extended loss relief
The rules for setting business losses against earlier profits were temporarily extended in first Budget of 2021.
Managing new office relations
Employers have been welcoming their workforces back on site, but ongoing concerns around vaccination and employees’ rights may need a new approach
New penalties for late payments and submissions
The new late payment penalties regime will start rolling out from April 2022 for VAT taxpayers.
Making tax digital shifts again
Big changes are coming for the way in which businesses keep their records and report to HMRC.
New tax rises and the end of the triple lock
The government has spent billions of pounds on mitigating the impact of the coronavirus pandemic, so it was no surprise that further tax increases were likely.
Autumn Budget 2021
The not-quite post-pandemic Budget
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