The Autumn Budget is a statement made each year by the Chancellor of the Exchequer to the UK Parliament, setting out the Government’s plans for raising and spending money. This takes place at some point between September and November. Once the budget has been presented, the leader of the Opposition replies to the speech and a debate on the proposed policies follows. This usually takes around four days.
If you are PAYE, it can be helpful to pay attention to the budget as there are often updates to taxes that may affect you. If you are self-employed or you need to declare untaxed income via a tax return, it is important to listen to the budget as changes may affect what you can claim and how you’ll pay your next tax bill. It also includes schemes and proposals to grow and support the economy. Some recent updates you may recognise include:
There is also another important financial announcement made each financial year, known as the Spring Statement. Both of these can bring changes to your personal tax situation.
Don’t panic! Contact our accounting experts today and we can help to break down how the changes affect you and give you the best advice about your tax payments.
Google is your best friend for the Autumn Budget – you can read about all of the policies on the official UK Government website. To get help with your tax changes as a result of the Autumn Budget, contact us today!