Spring 24 Budget Summary

On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to restore confidence and win voters. But on the heels of Britain entering a recession and downgraded Office for Budget Responsibility (OBR) […]

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Autumn Statement Update For Scottish Businesses

On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government sought a balanced path to support the economy and return to growth, partially through public spending

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Abolition of basis periods and new tax year end?

Abolition of Basis Periods Along with the impending introduction of Making Tax Digital (MTD) for unincorporated businesses and landlords the government made a significant announcement on 20 July that they would abolish basis periods for unincorporated businesses for the 2023/24 tax year to simplify MTD reporting. That change would apply to sole traders, partnerships, as

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March 21 UK Budget Update

INTRODUCTION The Chancellor’s second real budget on the 3rd of March made some important business announcements to try and mitigate the effects of the pandemic and also to start rebuilding the nation’s finances for the future. Below we list some of the most important announcements that will affect individuals and small businesses in Scotland. The

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