Key 2023 dates to be aware of, including the Chancellor’s Autumn Statement, National Manufacturing Day, plus HMRC’s tax webinars for the self-employed
Welcome to today’s round up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you!
The Autumn Statement is scheduled for 22 November 2023
The Chancellor of the Exchequer, Jeremy Hunt, has confirmed that the Autumn Statement will be on 22 November 2023. The Autumn Statement can affect tax policy, benefits, and much more. The Chancellor will make his announcement to Parliament, setting out the Government’s plans on all matters fiscal and economic. Interestingly, this could be the Chancellor’s last statement before the next General Election, depending on the time frame that the government chooses.
Included in the announcement was the news that ‘The Office for Budget Responsibility (OBR) have been commissioned to prepare an economic and fiscal forecast to be presented to Parliament alongside his Autumn Statement.’
Rumours have already started about what the Chancellor will – and won’t – announce, so what are some of the likely changes?
Mr Hunt is already playing down the prospect of income tax cuts and he insists inflation needs to come down further from its rate of 6.4%, he has recently stated that to put money into people’s pockets quickly, the fastest thing would be to deliver on the pledge to halve inflation. Indeed, some news outlets are predicting a tax rise in a number of other areas.
He has lately talked of a four-point growth plan focusing on enterprise, education, employment, and investment opportunities.
We could see some promises around the cost of living, with energy bills still relatively high and winter approaching.
Pensions and benefits are always a big focus of any financial statement, though there are not many rumours about potential changes. We predict the ‘triple lock’ on pensions will stay in place for now and pensioners can expect around an 8% increase to their state pension. Rumours flourish that this may change after the next general election. There may be other changes to pensions reliefs and benefits, and we will keep you up to date as and when we hear any news.
The government is currently analysing responses to several tax consultations that closed in the summer. These include reform of the Construction Industry Scheme (CIS), expanding the cash basis for unincorporated businesses, and merging the two Research &Development (R&D) schemes for limited companies into one. It’s reasonable to expect the Chancellor to make announcements in these areas.
Alongside any announcements to tax policy, the Chancellor will be looking at budgets for schools, the police, hospitals, and the military. Expect to see some changes to these.
Whatever happens on the 22 November, we can be sure that tax rules and business regulations are progressively becoming more complicated. Getting expert help is essential. Please contact us about planning for change. We can provide a full tax review which will help identify the marginal tax traps waiting for you – and help you to avoid them.
National Manufacturing Day 2023
National Manufacturing Day is on Thursday 28 September 2023. Manufacturers throughout the UK will once again be opening their doors to members of the public who will be invited into factories and sites for a behind-the-scenes look at how Manufacturers’ facilities work, as part of this UK-wide Open House.
Local communities will have the chance to see the potential careers and jobs on offer within the wonderfully diverse manufacturing sector, as employers engage with all age groups – from school leavers, graduates, people looking to reskill, and the local residents.
For Make UK and Manufacturers, this is an opportunity to showcase the diversity of a truly fascinating sector, the range of highly skilled jobs on offer, and the amazing opportunities for reskilling and career development within manufacturing in the UK.
Join the ever-growing number of employers who have pledged to open their doors on National Manufacturing Day and help to grow the awareness of manufacturing and the fantastic careers which can be made for the next generation.
See: Home | NMD 2023 (nationalmanufacturingday.org)
Latest HMRC tax webinars for the self-employed
Listed below are a number of live HMRC webinars that will give the self-employed an understanding of key taxes that affect them. The webinars are free and last around an hour.
Webinars for the self-employed:
Residential property income for individuals – expenses, and deductions
Wed 20 Sep at 11:45am
Capital allowances and vehicles
Thu 21 Sep at 11:45am
Wed 22 Nov at 11:45am
How to apply the VAT reverse charge for construction services
Fri 22 Sep at 1:45pm
Capital Allowances for the self-employed
Tue 26 Sep at 9:45am
Record keeping for the self-employed
Wed 27 Sep at 9:45am
Business expenses for the self-employed
Thu 28 Sep at 11:45am
Car expenses for the self-employed
Thu 28 Sep at 1:45pm
Construction Industry Scheme for contractors
Thu 9 Nov at 9:45am
Construction Industry Scheme for subcontractors
Mon 13 Nov at 11:45am