The Chancellor of the Exchequer, Jeremy Hunt, unveiled his 2023 Autumn Statement on Wednesday 22 November, alongside an updated economic forecast from the Office for Budget Responsibility. 

The Statement was centred around ‘growth’, with Mr Hunt leveraging increased tax receipts from a stronger-than-anticipated economy to fund 110 growth-promoting initiatives. Mr Hunt said the government had taken difficult decisions to put the economy back on track and halve inflation, but ‘the work is not done’. He said his priorities are to avoid big government spending and high taxes and instead cut taxes and ‘reward hard work’.

Among the highlights were significant changes aimed at enhancing earnings. Mr Hunt's drive to 'make work pay' materialised through reductions to National Insurance for both employees and the self-employed, coupled with an uplift in the National Living Wage.

Additionally, Mr Hunt announced the permanent establishment of the 'full expensing' capital allowance, reforms to the R&D tax credit and increased business rates support for smaller enterprises. These measures are expected to bolster innovation and provide much-needed relief for small businesses.

Welcome to our latest November/December 2023 edition. 

Articles featured in this issue:

Taxing times for 2023 

A year marked by several tax changes that impacted higher rate taxpayers

Strategies to minimise retirement tax

Many pensioners may face a lurking tax risk as the State Pension grows

Decoding auto-enrolment

Good news on the horizon for future retirees

A crucial decade: financial planning in your 50s

Maximising your earnings or laying down a robust financial plan

Journey to monetary autonomy

Optimising your finances and formulating an all-encompassing wealth plan for the future

‘Time in the market’, not ‘timing the market’

The allure of quick profits and instant gratification

Weathering the inflation storm

Is it time to diversify your portfolio?

High costs of private education

The significant decision of choosing a private school for children

Aspiring towards retirement

Why many people experience a mixed bag of emotions on the subject

A timely proposition

Considering gilts for your investment portfolio?

The Family Bank

Planning to aid the next generation

Mind the retirement gap

Crisis looming over today's youth

Financial planning

A personal journey tailored to your unique financial situation and aspirations

Positive impact on financial wellbeing

Improving your overall life satisfaction and happiness

Navigating multiple pensions

Simplifying financial management, lowering charges and increasing future funds

The reality of retirement

Are you sure your target retirement age aligns with your financial status?

Taking the first step

Introduction to investing for beginners

Inflation and your retirement income

Several strategies to lessen its impact on retirees

The gender divide

Reflecting on 75 years of State Pensions

Fixed-income investments

Providing significant value in a diversified investment portfolio

Immediate gains, long-term losses

The high price of halting pension contributions

Normal Minimum Pension Age update

Essential information for your retirement planning

10 reasons to get your tax return filed now

British workers overpay £8.2bn in tax due to wrong codes

Maximising your investments in your 50s

Time to evaluate whether you need to modify your objectives or saving strategies?

Responsible asset selection

Supporting responsible practices and contributing to a sustainable future

Getting retirement ready

Key steps to achieving a comfortable retirement

Tax relief matters

How to build a bigger pension pot

Building a diversified portfolio

What is it, and why is it important?

Are we entering an investment bond renaissance?

Exploring why they are an attractive option to mass-affluent investors

How to invest after retirement

Ensure your wealth is preserved for future generations

Protecting your children and securing their future

Our health, an invaluable asset, is often overlooked or taken for granted

Lump sum vs regular contributions!

Choosing the right pension payment strategy

Using your inheritance effectively

Making informed decisions about managing the funds wisely

The importance of understanding tax-free pension withdrawals

Many over-55s are unaware that they can access 25% of their pension pot tax-free

The Gender Pension Gap issue

73% of women make only minimum pension contributions, compared to 58% of men

Price of adulthood

Financial responsibilities increase significantly after 25

Saving for retirement

A decade-by-decade guide

Bonds vs equities

Where should income-seekers turn?

Should I delay my retirement?

Delaying retirement could boost your chances of a secure financial future

Investing mistakes to avoid

Errors can have long-lasting consequences, setting you back financially

Hidden impact of inflation on savings

A closer look at a financial understanding among Britons

Adjusting your investment portfolio with age

Is your asset allocation aligned with your risk tolerance?

The Chancellor said the OBR now forecasts the UK will not enter a technical recession this year. But despite narrowly avoiding recession, living standards are still predicted to fall by 6% within this fiscal year and the next. 

Key budget announcements included the abolishing of the Lifetime Allowance on tax-free pension contributions, which was previously set at £1,073,100. The tax-free annual pension allowance for pension pots will also rise from £40,000 to £60,000 from 6 April 2023.

Working parents in England are to receive 30 hours of free childcare per week, though this won't be fully implemented until 2025. It will be phased in for households where the parent or parents work: April 2024: Eligible two-year-olds will get 15 hours of free childcare per week; September 2024: Eligible children between nine months and two years will get 15 hours; and September 2025: Eligible children between nine months and three years will get 30 hours.

Fuel duty has been frozen again whilst help with energy bills will remain for an extra three months and disabled people can apply for up to 50,000 places on a new voluntary employment scheme funded by the government. The Chancellor also confirmed that Corporation Tax will rise from 19% to 25% in April.

What does the Spring Budget Statement 2023 mean for you, your family and business?

In our guide to the Spring Budget Statement 2023, we look at the key announcements from Jeremy Hunt's speech. If you require any further assistance or would like to discuss your situation, please contact us

Identifying any tax planning opportunities

Check your PAYE tax code

Transfer part of your personal allowance

Contribtue up to £9,000 into your Child's Junior ISA

Utilise Capital Losses

Maximise Pension Contributions

Pay Pension Contributions to save NICs

Make a Will

Leave some of your estate to charity

Make regular IHT Free Gifts

Use the IHT Marriage Exemption