The spring statement is an annual announcement made by the Chancellor of the Exchequer to the UK Parliament to discuss how the financial health of the economy has changed since the previous autumn. The 2023 Spring Statement was announced on 15th March, 2023, and the next is expected in mid-March 2024.
If you’re an everyday taxpayer, you might want to keep an eye on what’s in it – occasionally there might be changes to a tax rate or another.
If you are PAYE, it can be helpful to pay attention to the statement 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:
Also, you might want to keep in mind that this is one of two main tax-related announcements per year. The other announcement is called the Autumn Budget. Both the Spring Statement and the Autumn Budget can incite significant changes to your tax rates and tax-free allowances.
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 how your tax payments.
Google is your best friend for both the Spring Statement and 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 Spring Statement or the Autumn Budget, contact us today!