Streets Chartered Accountants reflects on the Autumn Statement

Could it be described as a Black Friday Autumn Statement?

As our seventh Chancellor since 2016 stood up to deliver his Autumn Statement, perhaps the good news was that in contrast to his immediate predecessor, he had run his figures by the Office for Budget Responsibility. Therefore, we hopefully will not experience an aftershock. In the media coverage on the run up to his speech there was much speculation as to what the Statement might include, from reductions in business and income tax to changes in inheritance tax.

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Streets’ guide to The Autumn Statement 

​​​​​​​The Chancellor’s 2023 Autumn Statement contained some important announcements and confirmed a number of changes planned for the new tax year. Following this, Streets has put together a report containing the latest tax and financial information, which is available to download using the link below.

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The Autumn Statement sees pivotal changes to R&D Tax Reliefs

The Autumn Statement 2023 introduces pivotal changes to the UK’s R&D tax relief system, a system already under considerable pressure. Increased compliance activities, abuse by rogue R&D boutiques and a general lack of clarity and understanding in guidance have created a challenging environment for businesses engaged in claiming R&D Tax Relief. These new reforms, while aimed at streamlining and enhancing support for innovation, add further layers of complexity.

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Further detail on the IR35 Offset mechanism included in the Autumn Statement

The Autumn Statement, amongst the detail, included reference to the IR35 Offset mechanism – which will go ahead from 6 April 2024. This is positive news for the Contract Sector as until now the exact date of commencement had not been confirmed and this should provide some relief.

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