Further to our blog posted yesterday, we are pleased to provide a full report of the Autumn Statement, highlighting the main items affecting both SME business owners and individuals.
Delivering the 2013 Autumn Statement, the Chancellor said the latest forecasts from the Office for Budget Responsibility proved that “Britain’s economic plan is working” but warned that the “job is not done.”
The TaxAgility Autumn Statement Report provides a concise summary of the announcements made in the 2013 Autumn Statement.
Please click the image above or the link below to download the full report:
TaxAgility_AutumnStatement2013
In brief, the Autumn Statement highlights are:
George Osborne stressed that:
- the deficit is down but it’s still too high
- growth is up but productivity is too low
- businesses are expanding but exports could be better; and
- disposable incomes are improving but households are still struggling with the cost of living.
It was the introduction to an Autumn Statement he said was designed to secure the economy for the long term. Britain, said the Chancellor, needs “a Government that lives within its means” if it is to be “a country that pays its way in the world.”
The headline business announcements were on rates. A 2% cap on next year’s increase in business rates was confirmed. The doubling of the Small Business Rate Relief, to 100% for qualifying businesses, was also extended by a year until April 2015.
For personal finances, the planned September 2014 fuel duty increase has been scrapped. Train fares will increase in January in line with inflation only – not by the usual inflation plus 1%.
And basic rate taxpayers will be able to transfer £1,000 of their personal allowance to a spouse or civil partner from April 2015.
How the Autumn Statement Affects You
For further information regarding how measures put forward in the Autumn Statement affect you, or your business, contact us today on 020 8780 2349 or get in touch with us via our contact page to arrange a complimentary, no obligation meeting.
This blog is a general summary. It should not replace professional advice tailored to your specific circumstances.