The Chancellor, Jeremy Hunt, unveiled his Autumn Statement for growth on 22 November 2023. Below, we look at the Class 1 National Insurance Contribution (NIC) changes that were announced as part of Mr Hunt’s 110 measures. The NIC cuts are part of the Government’s long-term strategy for developing the economy and putting more people to work, ensuring the UK has the labour market it requires for the future. The policy will cost £8.7 billion in 2024-25, and the Treasury expects employment to rise as a result.

HMRC’s Research and Development (R&D) Tax Credits Statistics: September 2023, for the financial year 2021/22, were released on 28 September 2023, presenting detailed information on the provisional estimated amount of R&D tax relief claimed for, across all sectors and regions, during the tax year.

Katharine Arthur, Partner and Head of Private Client, has been noted in multiple national publications, including the FT, IFA Magazine and Accountancy Daily, with her comments on the Chancellor’s Autumn Statement on 22 November 2023.

The Chancellor, Jeremy Hunt, delivered his Autumn Statement this week, promising 110 measures to promote growth to the UK economy. In particular, the property sector faces some welcome changes to boost investment and stimulate growth, including a focus on speeding up planning and the delivery of new infrastructure, and additional support for the residential renting market, small businesses and the high street.

The Government has announced that they intend to raise £5 billion over the next five years, through a package of measures designed to tackle the tax gap – the difference of what should theoretically be paid in tax versus what HMRC actually collects.

On 21 November 2023, the Government announced the increase to the National Minimum Wage (NMW) and National Living Wage (NLW) rates that will be effective from 1 April 2024.

On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits. Please contact a member of […]

The Chancellor, Jeremy Hunt, delivered his Autumn Statement this afternoon, promising 110 measures to promote growth. The tax changes include: National Insurance – Employees Class 1 main employee rate to be reduced by 2% to 10% from 6 January 2024 National Insurance – Self-employed: Class 2 National Insurance to be abolished. Entitlements, including to State Pension, […]