Autumn Statement

R&D regime changes: what clients should know

The recent HMRC advice about the R&D tax scheme highlights the Government’s crackdown on false claims, leading to more careful examination of businesses. Tim Pinkney, Director of Professional Standards for the Institute of Financial Accountants (IFA), says clients must grasp the implications of these changes. The Government announced in its…

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Manufacturers brace for two years of ‘anaemic’ growth, BDO finds

Britain’s manufacturers are facing the prospect of two years of “anaemic” growth, with the sector expected to remain flat this year, according to the Q1 Manufacturing Outlook survey by Make UK and BDO.  The survey revealed that the balance of output fell significantly from 20% to 5% in Q4 2023.…

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Companies hope for greater training support in Budget, study finds

Businesses are hoping to see the government focus on investing in skills and training to support business growth in the Spring Budget on 6 March, according to Grant Thornton’s latest Business Outlook Tracker.  The firm’s latest Business Outlook Tracker, which surveyed 600 mid-sized businesses in early February, found that the…

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Inflation unexpectedly rises in December

Inflation unexpectedly increased to 4% in December off the back of rises in fuel and tobacco prices. According to the latest figures from the Office for National Statistics (ONS) the small rise in the annual rate between November and December 2023 was a result of prices rising by 0.4% on…

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ACCA welcomes FRC proposals on improving reporting requirements

Increased clarity and detail on reporting requirements for disclosures of finance arrangements for SMEs could improve businesses’ access to finance and the UK’s late payment culture, ACCA said. Responding to a consultation from the accounting regulator, The Financial Reporting Council (FRC), ACCA said the switch would help businesses at a…

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Chancellor cuts National Insurance to 10% alongside NLW rise

Chancellor Jeremy Hunt has announced a series of measures to help boost the UK economy as part of his Autumn Budget including slashing National Insurance by 2% and freezing business rates for retail and hospitality. As part of the new measures, Hunt revealed that National Insurance will be cut from…

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Today’s news in brief – 21/11/2023

Business advisory firm Fortus has merged with R&D tax credit specialist Copper Tax. Claire Upton, founder and director of Copper Tax, becomes Fortus’ head of R&D Tax Credits. Upton, with over 20 years of experience, aims to enhance the firm’s commitment to providing excellent R&D tax credit services amidst industry…

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IHT receipts set for record breaking year

HMRC has revealed that Inheritance Tax receipts were worth £4.6bn between April and October 2023, £0.5bn higher than the same period last year. As a result of this many experts believe that IHT is set for another record breaking year. Higher receipts in June and October 2023 can be put…

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Confidence in gov support for businesses falls ahead of autumn budget

New research from Grant Thornton UK LLP shows that mid-market confidence in government support provided for business has declined since the spring budget. Before the budget in April 2023, some 79% of the 600 mid-market respondents to Grant Thornton’s Business Outlook Tracker said they felt confident that the government is…

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ACCA urges chancellor to act swiftly on audit reform

Global professional accountancy body ACCA has written an open letter to Chancellor Jeremy Hunt ahead of the Autumn Budget Statement expressing its concerns about UK economic progress for the future. The letter highlights the need for swift completion of the audit reform process, incentivising investment and HMRC service improvements to…

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