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Chancellor takes difficult decisions as Budget date set | |
Chancellor of the Exchequer Rachel Reeves said she was taking difficult decisions after a Treasury spending audit revealed £22 billion of unfunded pledges.
Ms Reeves confirmed that the Autumn Budget will take place on 30 October. | |
In a statement to Parliament, the Chancellor made a number of announcements but said there would be more to come on tax and spending plans at the Budget. The Chancellor said that she has inherited a £22 billion hole in the public finances and said urgent work is required to reduce the pressure on finances by £5.5 billion this year and over £8 billion next year. | | | |
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Autumn Budget Seminar 2024 | |
The Chancellor of the Exchequer, Rachel Reeves, will deliver her first Budget on 30th October 2024, marking the first Labour Budget in 14 years and the first ever delivered by a female chancellor. Appointed by Prime Minister Keir Starmer, Reeves aims to address the UK's economic challenges and promote growth. | | | |
We are delighted to invite you to join us for our online briefing seminar at which our tax experts will look behind the headlines and reflect on the real effects the Autumn Budget will have on both companies and individuals and how your approach to tax planning could be adapted under these new legislative changes. There will also be an opportunity to raise your questions to our advisory panel. | |
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Latest guidance for employers | |
HMRC has published the latest issue of the Employer Bulletin. The July issue has information on various topics, including: | |
- PAYE Settlement Agreement calculations 2023 to 2024
- paying Class 1A National Insurance contributions
- improving the Self-Serve Time to Pay service for PAYE and VAT customers
- self assessment threshold change
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Clarity on the changes to the non-dom regime | |
Labour released a policy paper this week summarising their proposed changes to the taxation of non-UK domiciled individuals. Broadly, the changes are in line with those that were previously announced, with some subtle updates. It is expected that full detail will be announced in the 30 October Budget and the changes are still expected to apply from 6 April 2025, with some transitional provisions.
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Whilst the Labour policy paper provides some clarity much of the detail is missing. Affected individuals are left with just 8 months in which to consider appropriate next steps, e.g. accelerate income or disposals to the 2024/25 tax year whilst the remittance basis is still available. Overall, it makes for a difficult landscape in which to advise clients looking to move to the UK. | | | |
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The British Chambers of Commerce's Quarterly Economic Survey
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We're pleased to announce our partnership with Thames Valley Chamber of Commerce, as lead sponsors of the Quarterly Economic Survey (QES). The Q3 QES is now open until 16th September 2024. This survey is a valuable opportunity to share your insights, with the results shaping the Thames Valley Report due to be published mid-October. | | | |
The report will capture the perspectives of key decision-makers on crucial topics that drive jobs, growth and the regional economy. If you’re a part of the Thames Valley business community, we encourage you to participate in the survey by clicking below.
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How to spot, and avoid hiring, a nightmare employee! | |
JCHR’s outsource HR team have been managing ‘difficult’ cases for employers for more than 24 years, and they’ve seen some very interesting cases over that time! The worst cases have tended to involve new employees, either intent from the outset on extorting money from employers, or unfit for employment or a highly toxic combination of both. | | | |
No employer wants to deal with multiple lengthy grievances, subject access requests and even threats of violence against owners and managers. One employee lodged 5 separate tribunal claims and made separate harassment claims to the police… after only 3 days’ service! | |
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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