Budget summary 2024

Spring Budget summary 2024

On 6 March 2024,  the Government Government announced their Spring Budget.

The Chancellor of the Exchequer Jeremy Hunt delivered the Spring Budget yesterday after an updated economic forecast from the Office for Budget Responsibility.

Our summary covers all the key points and is available to download now.

Keep an eye out for our insights for upcoming posts about the 2024 Spring Budget over the following weeks

Download your 2024 Spring Budget summary

Spring Budget 2024 summary cover image.Price Bailey is always here to share our experiences and knowledge with you, and your 2024 Spring Budget summary is here to help.

If you have any specific questions about how the Spring Budget might impact your business, get in touch using the form below.

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Download your 2023 Autumn Statement summary

On 22 November 2023, The Chancellor of the Exchequer Jeremy Hunt delivered the ‘Autumn Statement for Growth’. 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.

Our summary covers all the key points and is available to download now.

Download your 2023 Autumn Statement summary

Price Bailey Autumn statement summary report front coverPrice Bailey is always here to share our experiences and knowledge with you, and your 2023 Autumn Statement summary is here to help.

If you have any specific questions about how the Autumn Statement might impact your business, get in touch using the form below.

Download

Download your 2022 Spring Statement summary

Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022.

In his Spring Statement, the Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the impact of rising prices for households and businesses. The Chancellor will lift the starting thresholds for National Insurance contributions (NICs). He also pledged a cut to income tax in 2024. However, the Health and Social Care Levy will still be implemented in April 2022. For businesses, there is an increase to the Employment Allowance, as well as relief from business rates on a range of green technologies and help with training and the adoption of digital technology.

According to Gemma Thake, a Director in the Tax team at Price Bailey, R&D tax relief was also a key feature of the Spring Statement for companies. It was announced that relief would be extended from April 2023 to cover R&D underpinned by pure mathematics, which is likely to be of particular interest to emerging sectors such as AI and robotics, as well as established businesses in manufacturing and design. Other “reforms” were also confirmed to extend the definition of qualifying expenditure to include all cloud costs associated with R&D and restrict R&D costs incurred overseas, unless there is a material or regulatory exception. Draft legislation is expected to be published this summer.

Download your 2022 Spring Statement summary

Price Bailey is always here to share our experiences and knowledge with you and your 2022 Spring Statement summary is here to help.

If you have any questions specific questions about how the Spring Statement might impact your business, get in touch using the form below.

Download

 

We always recommend that you seek advice from a suitably qualified adviser before taking any action. The information in this article only serves as a guide and no responsibility for loss occasioned by any person acting or refraining from action as a result of this material can be accepted by the authors or the firm.

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