Specialist Swindon firm says Autumn Statement not as severe as expected

By Barrie Hudson - 18 November 2022

Business
  • Optimum Accounts Director Michael Blaken

    Optimum Accounts Director Michael Blaken

A senior expert from Swindon accountancy and law specialist Optimum Professional Services has responded to Chancellor Jeremy Hunt's Autumn Statement.

Accounts Director Michael Blaken said that on the face of it, the statement seemed less severe than commentators had predicted.

For individuals, he said, the Chancellor’s tax-raising measures of freezing personal tax rates and reducing the 45p threshold were not a surprise.

Mr Blaken added: “Cuts to dividend tax won’t have a huge effect on those who are basic rate tax payers. However, decisions will have to be made by those company owners who plan to stay within the basic rate band, because they will be feeling the pinch with the cost of goods and services increasing. 

“The increase in company car rates had also been hinted at in the run up to the Autumn Statement. News of business rates re-evaluation, carrying with it the promise that two thirds will be no worse off, was also expected. 

"Employers are struggling to fill roles, in the face of historically low unemployment, so the measures announced to encourage people back into the workforce are positive.”

Mr Blaken welcomed news that the recent Stamp Duty Land Tax cuts will remain in place, helping to keep momentum in the housing marketing.

He said: “However, those who invest in second homes have been targeted, with the marked reduction in Capital Gains Tax allowances, so they may also be reviewing their investment strategies going forwards.”

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