Mental Health Awareness Week – Movement with Menfulness
This week is Mental Health Awareness Week, and we’re continuing our tradition of raising awareness and fostering an inclusive ...
22 November 2023
With a General Election due next year, Chancellor Jeremy Hunt delivered his Autumn Statement this lunchtime (Wednesday 22 November), proclaiming his economic plans are working but ‘the work is not done’.
The Office for Budget Responsibility (OBR) forecasts show UK growth is stronger than previously expected this year, but weaker than previous forecasts suggested for 2024-2026.
It’s predicted inflation will fall to 2.8% by the end of 2024, and will drop to the 2% target the year after. That’s more than a year later than the forecast in March.
So how will Hunt’s announcements – a whopping ‘110 growth measures’ – help you and your business? As always after every Chancellor statement, our Fortus team have distilled the key headlines that may impact you and/or your business.
Chris Wilson, Director – Head of Tax at Fortus, points out some notable omissions. ‘Whilst these changes will be welcomed by employed and self-employed individuals, there was no change to Inheritance Tax (IHT), despite media speculation. Nor were there any changes to the rate of Corporation Tax (with full expensing being given instead), Stamp Duty Land Tax (SDLT) or the SDLT holiday.’
Claire Upton, our Head of R&D Tax Credits, comments: ‘Whether this last point sufficiently addresses concerns around uncertainty of R&D intensive loss-making companies to potentially flip between the intensive rate and standard rate, as R&D expenditure to total expenditure ratios fluctuate, remains to be seen. There will be a year of grace where companies that fall below the 30% threshold will continue to receive the higher subsidy in the following accounting period – this is helpful‘.
This week is Mental Health Awareness Week, and we’re continuing our tradition of raising awareness and fostering an inclusive ...
Business advisory and accountancy firm Fortus has announced the acquisition of JWP Creers in York - one of the city’...