Chancellor Hands Over Millions to AI, UK Innovation
Yesterday, Chancellor Jeremy Hunt turned heads as he unveiled his plans to pour millions more into artificial intelligence and UK innovation. And while IT freelancers might be feeling a bit left out in the cold after their wishes were snubbed, there’s still some good news in store.
Boost to Take-Home Pay
The big news from the Autumn Statement? Take-home pay is getting a lift, but umbrella companies regulation was put on hold and the much-dreaded IR35 reform stayed put. The really good news is that employees and sole traders, in particular, may see an improvement in their take-home pay.
Money in the Pocket
In reality, even with what might seem like small change, the reductions for National Insurance could mean a difference of £450-£750 annually. A step in the right direction, for sure!
Disappointed Much?
While workers aren’t the only ones feeling the effects of Autumn Statement 2023, limited company contractors and techies might be feeling a bit forgotten right about now. New Year’s may not be as happy for this group.
A Word from the Wise
The off-set mechanism, expected to be a key-takeaway for many after the announcement, might just be the silver lining in all this. Anxious times will have to wait till April 2024 for the changes to take place, so hold your horses.
Are We Killing Off Our Little Sprouts?
The larger companies got their time in the sun (no pun intended), but small businesses and tech entrepreneurs might be feeling left out in the cold. Are R&D incentives being killed off? What’s next for the little sprouts of the tech world?
Making Tax Digital, anyone?
But simplification of the MTD for income tax system – now that’s something we can all get behind. To read all the details and find out what’s next, keep an eye on what’s to come from the government in April 2026.
So, what do you think? Were your prayers answered in the Autumn Statement? Comment below and let us know what you think. Will you benefit from the changes? Tell us your thoughts!
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