With all of the revelations from the Autumn Budget, one major detail that slipped under the radar was that from 6th April 2025, double cab pick-up trucks will be treated as cars for the purposes of capital allowances, benefits in kind (BIK), and some deductions from business profits. These changes will apply to vehicles purchased…
The chancellor, Rachel Reeves, has delivered the first labour budget in 14 years. The Government had already set the scene that they had inherited broken public finances and broken public services, so we knew tax increases were coming. The Chancellor started her speech by declaring the 2024 Autumn Budget would generate an additional £40bn in…
The recent general election has ushered in significant changes to the UK’s financial landscape. The new Chancellor, Rachel Reeves, has announced that the Autumn Budget will take place on Wednesday 30 October 2024. Labour have suggested they will have to raise taxes in a bid to claw back some of the Government’s £22bn debt and…
With the technology behind electric vehicles improving year on year, it’s no surprise that switching to an electric car is an increasingly enticing option for drivers. As well as the environmental benefits, as a business owner, it could also make a lot of financial sense. The main financial advantages are: Extremely low benefit in kind…
The Spring 2024 budget is likely to be the last before the next general election and the majority of measures announced were broadly in line with what has been rumoured over the last few days. With the independent Office for Budget Responsibility (OBR) confirming inflation is set to fall to the government’s 2% target a…
The 2023 Autumn Statement announced today, Wednesday 22nd November, has outlined some important changes for workers in the UK. With the Office for Budget Responsibility (OBR) predicting an ‘overall’ UK growth this year of 0.6%, and an expected decrease in inflation from 5.6% in October 2023 to 2.8% by the end of 2024, the Chancellor…
As expected, the 2023 Budget has been a quiet one. The positive news is that the Office for Budget Responsibility (OBR) has said the UK will now not enter a technical recession this year. Inflation will also more than half and reduce to 2.9% by the end of the year. The main agenda is getting…
Chancellor’s statement 17 October 2022 New Chancellor Jeremy Hunt has made a statement today to MPs in the House of Commons, reversing most changes in the Mini-budget 2022 that had not already started a parliamentary process. Following his recent appointment as Chancellor last week, and his reversal of key Mini-Budget measures, new Chancellor Jeremy Hunt…
Today, Friday 23 September 22, Kwasi Kwarteng has unveiled his latest plans to MPs in the House of Commons, to deal with the current cost of living crisis. The Chancellor unveiled his Growth Plan to release the huge potential in the British economy by tackling high energy costs, inflation and delivering higher productivity and wages….
With increasing living costs and inflation currently at 9.4%, now is more important than ever to protect cashflow and make the most of tax relief available to businesses, as well as employees. Super deduction on plant and machinery Companies investing in capital assets are currently able to claim 130% super-deduction capital allowances on the purchase…