Autumn Statement 2023 – Simplified and Exciting!

Hey there! The Autumn Statement 2023 has brought some neat changes for individuals and businesses, and we're here to break it down for you in a fun and snappy way!

🍁 What's New and Cool for Everyone:

1. Money, Money, Money!

• Tax Cuts Are Coming: Starting from January 2024, if you're earning a salary, expect some extra cash in your pocket! How? The government is cutting the main rate of employee National Insurance contributions from 12% to 10%. This means an average worker earning £35,400 will get a tax cut of over £450 in 2024-25. That's like getting a mini bonus!

• For the Self-Employed Heroes: If you're self-employed, your taxes are getting trimmed too! From April 2024, the main rate of Class 4 NICs drops from 9% to 8%. Plus, the Class 2 NICs are getting scrapped – making tax simpler and putting around £350 back in your pocket if you earn £28,200 a year.

2. Say Hello to Higher Wages:

• National Minimum Wage Hike: Big news! From April 2024, the National Living Wage is jumping up by 9.8% to £11.44. If you're 21 or older, this applies to you. That's a hefty bump to your yearly earnings if you're on minimum wage – over £1,800 more!

📈 For the Business Brains:

1. Small Business Bonanza:

• £4.3 Billion Support Package: Small businesses, the government's got a huge £4.3 billion package to help you shine. Expect tax freezes and extra support, especially if you're in retail, hospitality, or leisure.

• Investment Incentives: For those looking to grow, the government's making it easier to invest in your business. Think of it as a green light to expand and innovate!

• 100% First Year Allowance: Buy new equipment? Deduct the full cost from your taxes right away. It's a big thumbs-up for investing in your business now.

• Simplified R&D Tax Reliefs: Into innovating or creating new things? The government's made it easier to get tax breaks on your research and development costs. More incentive for your bright ideas!

2. Green Energy & Innovation:

• The focus is on sustainable energy and cutting-edge technology. If your business is in these fields, you're in for a treat with simplified taxes and support.

🌟 Why You Should Be Excited:

• Individuals: More money in your pocket means more to spend or save. It's all about financial freedom and making your money work for you.

• Business Owners: With tax cuts, investment incentives, and a focus on innovation, your business could reach new heights.

📞 Let's Make It Happen Together!

Excited by these changes and wondering how to make the most of them? That's where we come in! At Rosevale Accountants, we're all about keeping your finances clear, up-to-date, and helping your business grow. We offer services like bookkeeping, tax advisory, payroll, HR, and management accounts – all tailored to your needs.

Don't Miss Out:

• Free Consultation: Ready to take your finances or business to the next level? Start your journey with us with a no-strings-attached, free consulta​​tion. Book your Discovery Call here.

• Expert Services: From keeping your books in check to strategic tax advisory, we're here to help you navigate these exciting changes.

• Get in Touch: Have a question or ready to dive in? Call us at 0117 321 0360 or send us a message for a free call.

Let's make the most of Autumn 2023 together – your success is our goal! 🌟📈🍁