1. As widely reported over the last week or so, the energy price guarantee will remain capped at £2,500 for the next 3 months (if your usage is "normal") .

2. There will be "full expensing" of new assets (I believe this only applies to limited companies). Don't be impressed. We currently have 100% annual investment allowances for asset purchases up to £1m - so this will only benefit you if you buy an asset that costs more than £1million...

3. The corporation tax rise is going ahead as planned next month. This will affect you if your profits are over £50,000, or if you have more than one business interest then it will affect lower profits too. 

4. There will be enhanced R&D (research & development) credits for SME's IF your spend on R&D makes up more than 40% of your expenditure. 

5. There will be 30 hours of free childcare for parents of infants over 9 months to 2 years, if they are working more than 16 hours a week. Don't get excited, this is being phased in from NEXT year, with the 30 hours only hitting in September 2025 (yes, you read that right)

6. There is a new buzzword for us all to get irritated by - "returnerships". This is to encourage the over 50's, who thought they could retire until they were hit by the cost of living crisis, to get back to work... lucky them. The only amusing part of the speech was when Jeremy Hunt called the madam Deputy Speaker an old lady - and she did not take it well (as you'd expect). Good for her for calling him out. 

I am sure there will be some more info on these new apprenticeships, sorry...returnerships, soon.

7. The cap on annual pension contributions will increase from £40k a year to £60k a year. If you are affected by this hopefully your IFA will be in touch. 

8. The £1m (ish) lifetime allowance for tax relieved pension savings has been abolished. Although I believe there will be a cap on the 25% tax free lump sum, at 25% of the current rate, so c.£250,000 tax free.  Turns out this policy change can be done immediately (unlike other policies, weird that) and will come into effect from April 2023. Again, speak to your IFA if you think you can benefit from this change.

9. There was the usual chat about "investment zones"... the same thing is announced every budget and probably will have no impact on any of my clients but I will of course pass on any details as and when they come through. 

There were the other usual announcements re duties, levies, caps etc, but these will be widely reported, so I have left them out for brevity's sake. 
 

This update does not constitute advice, it is opinion and information. You should speak to a professional adviser if you need advice and before you make any decisions. Change Accountants does not accept any liability on decisions made based on the above.