Presenting the 2023 Autumn Statement, Mr Hunt decided to prioritise short-term tax cuts, making an immediate move to make a cut to national insurance. The continuing freeze of the various income tax thresholds means that more and more people are being pulled into higher rate tax, perhaps for the first time. Rumoured changes to inheritance tax did not appear, but there is still a chance with the budget taking place in March next year.
While the detailed impact of the Chancellor’s plans is still under scrutiny, you may wish to undertake a personal review of your own position, ahead of the next tax year. If you have any questions on the Autumn Statement, or if there is anything we can help you with please get in touch with us today.
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As tax year end approaches, there is still time to make use of your available reliefs and allowances.
This tax year end planning checklist covers the main planning opportunities available to UK resident individuals and will hopefully help to inspire action to reduce tax for the 2023/24 tax year and to plan ahead for 2024/25.
As tax rate band thresholds are changing, understanding the impact on high rate taxpayers and the economy is crucial.
It was recently revealed in the media that the amount we need to enjoy a ‘moderate’ retirement has increased by £8,000 per annum, a 38% increase, in just one year.