Blog

Autumn Statement from the Chancellor of Exchequer
22 November 2023

A round-up of todays’ Autumn Budget from Chancellor Jeremy Hunt, from Managing Partner Tony Bullock...

The Chancellor sought to present a more upbeat assessment of the economy even than comparatively recent statements allowed, perhaps with the forthcoming election in mind. Included were some rather unexpected taxation changes, however, most major tax thresholds remain unchanged (resulting in some significant 'fiscal drag') and the heavy lift remains economic expansion for increased prosperity, albeit recognising some eye-catching measures outlined in the statement.

There were 110 measures aimed at boosting economic growth and a theme of ‘Make Work Pay' behind some personal taxation measures.

The main business measures included…

  • 75% of business rates discount for retail/hospitality/leisure extended for another year.
  • Full expensing tax breaks on new machinery and equipment from profits made permanent.
  • Finance incentives for investment zones and tax relief for Freeports extended from 5 years to 10 years.
  • New investment zones.
  • Funding for £4.5 billion to attract investment in green energy/aerospace/life science/zero emission vehicles.
  • UK growth forecasts downgraded to 0.6% this year - 0.7% next year - 1.4% in 2025 - 1.9% in 2026 - 2% in 2027 and 1.7% in 2028.
  • Target rate of inflation set to 2.8% by end of 2024.
  • Underlying debt forecast to be 91.6%/92.7%/93.2%/92.8% respectively between 2024 and 2029.
  • Borrowing forecast to be 4.5% of GDP in 23/24 then: 3.0%/2.7%/2.3%/1.6%/1.1% respectively between 2024 to 2029.
  • Duty on beer/cider/wine/spirits frozen until August 2024.

The main personal tax changes include...

  • National Insurance rate cut by 2% on earnings from £12,572-£50268 from 6th Jan.
  • Self-employed Class 2 contributions abolished.
  • Class 4 contributions on all earnings between £12570 and £50270 reduced from 9% to 8%.
  • National Living Wage for over 23’s rise from £10.42 to £11.44 per hour.
  • Most benefits to rise 6.7% and pensions will rise 8.5%.

Back to Blog Articles

"The Walker Group has worked with Dutton Moore for more than 30 years. They have acted on behalf of all the Group’s companies and the family and are trusted and highly experienced business accountants, auditors and business advisers."

Lee Davies, A.C.A, Financial Director, Walker Group

"We have worked with Dutton Moore for many years and have always received a first-rate service. The team at Dutton Moore provide us with invaluable accountancy, strategic planning and business advice as we continue to be a growing business in this region."

Simon Gibson, Director at Simon Gibson Transport Ltd, Goole, East Yorkshire

Grain merchants and farmers, Burstwick, East Yorkshire:
"We have been clients of Dutton Moore for more than 20 years – they carry out all our accountancy work and business advice, their service and attention to detail is outstanding."

Jeremy Saunt, Director at Johnson and Saunt

"Dutton Moore are an excellent provider of financial services for significant Hull based businesses such as Smales. We have worked with the firm for many decades and are guaranteed sound financial and business advice, alongside the general accountancy services that they provide. What is key for my Company is the direct involvement of the partners with the Smales management."

Robin Orr B.Com; C.A; C.T.A, Financial Director, F.Smales & Son (F.M.) Ltd, Hull

"Having worked with Dutton Moore for many years now, we have always found the service extremely professional, prompt and courteous. As a growing business over the years their advice has been exemplary and without their valuable assistance in accounting and strategic planning we would have found the many transitions of growth a lot more challenging."

Richard Spencer, Commercial Director, Spencer Signs Ltd, Hull

from our blog...

More     +
Tuesday, April 23rd, 2024

Dutton Moore Support Local School Sports Team

Dutton Moore Chartered Accountants and Business Advisers were delighted to sponsor the kit for the First VII netball team of Hymers College as they successfully competed in a regional school’s netball tournament. Supporting local teams, especially sporting teams, is important to all at Dutton Moore – and as such the accountancy practice were pleased to...

Wednesday, March 6th, 2024

A round-up of todays’ Budget from Chancellor Jeremy Hunt, from Managing Partner Tony Bullock

The Chancellor of the Exchequer's budget is set against a very challenging economic backdrop with a looming general election. The £400 billion bill for Covid and £100 billion bill for employment and energy support packages plus other financial headwinds (including much higher interest rates etc flowing from the discredited strategies pursued by the previous Prime Minist...

Wednesday, November 22nd, 2023

Autumn Statement from the Chancellor of Exchequer

A round-up of todays’ Autumn Budget from Chancellor Jeremy Hunt, from Managing Partner Tony Bullock... The Chancellor sought to present a more upbeat assessment of the economy even than comparatively recent statements allowed, perhaps with the forthcoming election in mind. Included were some rather unexpected taxation changes, however, most major tax thresholds ...