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Key points from the Autumn Statement 2023
Nov 24, 2023
A reminder of the Chancellors key points from the Autumn Statement 2023
- Employee National Insurance Reduction: Starting January 6th, the Employee National Insurance rate will decrease by 2% to 10%, down from the previous 12%.
- Self-Employed Class 2 NICs cut: Effective from April, self-employed individuals earning over £12,570 will no longer be required to pay the weekly £3.45 Class 2 National Insurance contributions.
- Class 4 NICs Reduction: Commencing April, a 1% reduction in Class 4 National Insurance contributions will apply to profits ranging from £12,570 to £50,270.
- National Living Wage Increase: From April, the National Living Wage will rise from £10.42 to £11.44 per hour, extending to individuals over 21 years old.
- State Pensions Up: Starting April, the state pension will experience an 8.5% increase.
- Universal Credit Boost: Effective April, there will be a 6.7% rise for those receiving Universal Credit.
- Permanent Full Expensing Tax Break: Businesses can now permanently deduct machinery and equipment costs from their profits.
- Extended Discount for Hospitality, Leisure, and Retail: The 75% business rate discount for the hospitality, leisure, and retail sectors will remain in place for an additional year.
Starting in early 2025, Companies House will begin rolling out new identity verification requirements for company directors and persons with significant control (PSCs). This means that, in the future, before filing information on the Companies House register, directors will need to prove their identity. This change is designed to reduce fraud and improve transparency. The reforms are part of the Economic Crime and Corporate Transparency Act 2023, which aims to combat fraudulent activity. As part of these reforms, accountancy firms and solicitors registered for anti-money laundering (AML) supervision will be among the first required to comply, starting in early 2025. By spring 2025, accountants and other professional service providers, who are registered for AML supervision, will be able to become authorised corporate service providers (ACSPs). This means they’ll be able to help clients verify their identities and pass that information on to Companies House. By autumn 2025, these new ID verification requirements will be mandatory for new directors and PSCs when setting up a company or making new appointments. If your business already exists, you will have a 12-month transition period until autumn 2026 to ensure your directors and PSCs comply with these requirements when your next confirmation statement is due. This is a significant change, therefore it’s important to stay ahead of these requirements to avoid any disruptions to your business.
Tips to ensure your bookkeeping stays on track during the holiday period.
All the important tax deadline filing dates
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Starting in early 2025, Companies House will begin rolling out new identity verification requirements for company directors and persons with significant control (PSCs). This means that, in the future, before filing information on the Companies House register, directors will need to prove their identity. This change is designed to reduce fraud and improve transparency. The reforms are part of the Economic Crime and Corporate Transparency Act 2023, which aims to combat fraudulent activity. As part of these reforms, accountancy firms and solicitors registered for anti-money laundering (AML) supervision will be among the first required to comply, starting in early 2025. By spring 2025, accountants and other professional service providers, who are registered for AML supervision, will be able to become authorised corporate service providers (ACSPs). This means they’ll be able to help clients verify their identities and pass that information on to Companies House. By autumn 2025, these new ID verification requirements will be mandatory for new directors and PSCs when setting up a company or making new appointments. If your business already exists, you will have a 12-month transition period until autumn 2026 to ensure your directors and PSCs comply with these requirements when your next confirmation statement is due. This is a significant change, therefore it’s important to stay ahead of these requirements to avoid any disruptions to your business.
Tips to ensure your bookkeeping stays on track during the holiday period.
All the important tax deadline filing dates