The Chancellor's statement is not good news for most people or businesses. We are now facing the highest level of taxation since WWII and we are in the midst of a cost of living crisis.
Download Autumn Statement 2022
Income tax thresholds have been frozen, more taxpayers have been pushed into a higher rate, plus there is a reduction in the tax-free allowance for CGT and dividends.
An extra difficulty for most people will be the local councils' ability to increase CT up to 5% a year and although there is an energy price cap, it is at a higher rate of £3,000 per year.
Aside pensioners and those on benefits whose payment will increase in line with inflation, there is little reason to celebrate this budget.
We certainly face very difficult times but if you would like to discuss the implications for yourself and/or your business, please call us to see how we may be able to help you.