Budget Summary
At King Loose & Co we like to keep clients informed of the current tax rates and allowances and any significant announcements made by the government. As such we produce regular budget summaries which are available to download below or which we can also provide as a traditional printed booklet upon request.
Watch our Facebook page too, where we will publish the date of any forthcoming budgets together with tax tips and advice on any forthcoming deadlines and changes in legislation.
Spring Budget Summary 2024
In what is probably the last budget before the next General Election, Jeremy Hunt targeted families and working people with further reductions in National Insurance, a softening of the removal of Child Allowance and a promise to reform the unjust rules relating to the clawback of Child Allowance in the future.
Autumn Statement 2023
On 22nd November 2023 The Chancellor delivered his Autumn Statement.
With most tax rates and allowances frozen there was little change, but the abolition of Class 2 National Insurance for the Self-employed (the weekly stamp) and cuts to Class 1 and Class 4 National Insurance for the employed and self-employed there was a nod towards a tax cut.
Previous Reports
Budget Summary — Spring 2023
After the flurry of financial announcements in Autumn 2022 the Spring 2023 budget was always going to be a quiet affair. With changes restricted to a few interest groups our summary of the budget can be found here.
Autumn Statement 2022
On 17th November 2022 the Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Statement – a Budget in all but name.
After the turmoil caused by the previous Fiscal Events this was always going to be about raising taxes and cutting expenditure and the details can be found in our budget notes here. Given that the measures will not be popular we would remind you that these are only proposals until the Finance Act is passed and they become law, and details are subject to change.
Fiscal Event Update — 17th October 2022
On 17th October 2022 the new Chancellor of the Exchequer, Jeremy Hunt, announced a second set of U-turns reversing most of his predecessor’s announcements from September. A summary of the measures retained, reversed and under review can be found here.
Fiscal Event Update — 14th October 2022
Following market turmoil arising from the September Fiscal Event many of the provisions have been reversed. An update is available here, correct at 14th October 2022, but with further U-turns already hinted at please seek advice before relying on any information contained herein.
Fiscal Event September 2022
On 23rd September 2022 the new Chancellor of the Exchequer, Kwasi Kwarteng, gave a set of announcements titled a fiscal event. Whilst not a full budget, the event was particularly significant with changes to the rates of tax, National Insurance, stamp duty and the IR35 rules affecting personal service companies.
Budget Summary Autumn 2021
On 27th October 2021 the Chancellor of the Exchequer delivered his Autumn budget.
Our notes of the budget and main tax rates and allowances can be downloaded here.
Budget Summary Spring 2021
On 3rd March 2021 the Chancellor of the Exchequer delivered his Spring budget in which he confirmed many tax rates and allowances which had previously been announced, along with some significant announcements on Capital Allowances and extending the Coronavirus Job Retention Scheme. Our budget notes can be downloaded here