Testimonials
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The chancellor, Jeremy Hunt announced the Autumn Statement on 17 November, with some eye watering tax hikes and modest cuts.
Here are some of the main changes that will affect many of us…
1. National Minimum Wage for people over 23 will rise from £9.50 to £10.42, from April 2023
2. Income tax rate and personal allowance will remain frozen for a further 2 years, until April 2028 – 20% and £12,570 respectively
3. Dividend Allowance will reduce from £2,000 to £1,000 in April 2023 and reduce further to £500 in April 2024
4. Local councils in England will be able to raise council tax up to 5% without a local vote, this was 3% previously
5. Electric cars will no longer be exempt from road tax from April 2025
6. The Energy Price Guarantee (EPG) will be maintained through the winter, limiting typical energy bills to £2,500 per year. From April 2023 the EPG will rise to £3,000.
We have put together a concise document detailing all the changes announced along with our comments, you can download this here.
