Autumn Budget

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.

How does the Autumn Budget affect me?

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:

  • 5% mortgages
  • Help To Buy ISAs
  • Amendments to the pandemic furlough scheme
  • Changes to tax thresholds

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.

Frequently Asked Questions

Search More Terms

View our latest news & insights

14 February 2024
Navigating the landscape of business taxes in the UK can seem daunting, especially given the range of taxes that might a...
Navigating the landscape of business taxes in the UK can seem daunting, especially given the range of taxes that might apply to your organization. However, understanding which taxes are relevant to your business is crucial for com...
17 January 2024
Your business has costs to deal with and pay as part of their day-to-day trade and as part of ad hoc strategies. They ty...
Your business has costs to deal with and pay as part of their day-to-day trade and as part of ad hoc strategies. They typically range from phone line bills, postage and stationery to computer software and travel costs. Being the o...