On Wednesday 22nd November 2023, Chancellor Jeremy Hunt shared his Autumn Statement with Parliament, and we’ve rounded up some of the key topics. The Chancellor claims to have included 110 growth measures in his Autumn Statement that aim to combat red tape, support entrepreneurs, unlock UK investment and cut business taxes. “Full expensing” to become permanent. Full expensing means that …

The current basis period rules mean that established sole traders and partners/members in ongoing businesses pay tax based on the financial performance of the business in the 12-month accounting period which ends in the tax year. If a business prepares accounts for the 12 months ending 31 December 2022, and this is not the first period of account, then the …