• Contact us
  • About us
  • Digital edition
  • Online archive
Thursday, June 5, 2025
Cumberland and Westmorland Herald
  • News
    Appleby Horse Fair: Several cases of animal cruelty

    Appleby Horse Fair: Several cases of animal cruelty

    Multiple fire crews tackle roof fire in Crosby Ravensworth

    Multiple fire crews tackle roof fire in Crosby Ravensworth

    Free domestic abuse support drop-in service launches in Penrith

    Free domestic abuse support drop-in service launches in Penrith

    Penrith bar relaunched with vibrant events planned

    Penrith bar relaunched with vibrant events planned

    Penrith Beacon access closed after vandalism

    Penrith Beacon access closed after vandalism

    Fire crews spend six hours tackling blaze at timber firm’s headquarters

    Fire crews spend six hours tackling blaze at timber firm’s headquarters

    £15 million luxury care home plans for Penrith

    £15 million luxury care home plans for Penrith

    Changes to business rates

    Changes to business rates

    Tesco Express opens doors in Penrith

    Tesco Express opens doors in Penrith

  • Sport
    Penrith teen crowned British vault champion

    Penrith teen crowned British vault champion

    Penrith gymnasts represent North of England in finals

    Penrith gymnasts represent North of England in finals

    New boss revealed for Penrith AFC

    New boss revealed for Penrith AFC

    Penrith Panthers celebrate winning season

    Penrith Panthers celebrate winning season

    Darren Edmondson leaves Penrith AFC

    Darren Edmondson leaves Penrith AFC

    Lucy plays key role in county T20 triumph

    Lucy plays key role in county T20 triumph

    Gold for Keith in annual festival of orienteering

    Gold for Keith in annual festival of orienteering

    Cumberland and Westmorland wrestlers head to European championships

    Cumberland and Westmorland wrestlers head to European championships

    Kirkby Stephen Hockey Club win league title

    Kirkby Stephen Hockey Club win league title

  • Obituaries
  • Nostalgia
  • Online archive
  • Buy Photos
  • Buy your paper
  • North Lakes Living
No Result
View All Result
Cumberland and Westmorland Herald
  • News
    Appleby Horse Fair: Several cases of animal cruelty

    Appleby Horse Fair: Several cases of animal cruelty

    Multiple fire crews tackle roof fire in Crosby Ravensworth

    Multiple fire crews tackle roof fire in Crosby Ravensworth

    Free domestic abuse support drop-in service launches in Penrith

    Free domestic abuse support drop-in service launches in Penrith

    Penrith bar relaunched with vibrant events planned

    Penrith bar relaunched with vibrant events planned

    Penrith Beacon access closed after vandalism

    Penrith Beacon access closed after vandalism

    Fire crews spend six hours tackling blaze at timber firm’s headquarters

    Fire crews spend six hours tackling blaze at timber firm’s headquarters

    £15 million luxury care home plans for Penrith

    £15 million luxury care home plans for Penrith

    Changes to business rates

    Changes to business rates

    Tesco Express opens doors in Penrith

    Tesco Express opens doors in Penrith

  • Sport
    Penrith teen crowned British vault champion

    Penrith teen crowned British vault champion

    Penrith gymnasts represent North of England in finals

    Penrith gymnasts represent North of England in finals

    New boss revealed for Penrith AFC

    New boss revealed for Penrith AFC

    Penrith Panthers celebrate winning season

    Penrith Panthers celebrate winning season

    Darren Edmondson leaves Penrith AFC

    Darren Edmondson leaves Penrith AFC

    Lucy plays key role in county T20 triumph

    Lucy plays key role in county T20 triumph

    Gold for Keith in annual festival of orienteering

    Gold for Keith in annual festival of orienteering

    Cumberland and Westmorland wrestlers head to European championships

    Cumberland and Westmorland wrestlers head to European championships

    Kirkby Stephen Hockey Club win league title

    Kirkby Stephen Hockey Club win league title

  • Obituaries
  • Nostalgia
  • Online archive
  • Buy Photos
  • Buy your paper
  • North Lakes Living
No Result
View All Result
Cumberland and Westmorland Herald
No Result
View All Result
Home Farm and Countryside
This article appears as part of a paid partnership with Armstrong Watson

The Autumn Statement – what happened and what didn’t happen

By Dan Cozens, accounting manager, Armstrong Watson

by CWH
11 December 2023
in Expert advice, Farm and Countryside
A A
Share on FacebookShare on Twitter
Daniel Cozens

While there was little of specific interest for agriculture in the recent Autumn Statement, there were some announcements in the Chancellor’s raft of new measures that may impact farm businesses. In other areas – notably Inheritance Tax – (IHT) announcements that were speculated did not materialise.

Full expensing

This is a policy that gives limited companies full tax relief on the cost of plant and machinery.

Traditionally, tax relief was given by way of capital allowances, which spread the tax relief over a number of years. This was previously announced as a temporary measure which was due to end in 2026 but will now become permanent. So, will Cumbrian farmers and other small businesses benefit from this?

  • Full expensing is only available to companies, so self-employed businesses cannot claim.
  • We already have a system where the first £1 million of expenditure qualifies for 100 per cent tax relief, known as the Annual Investment Allowance (AIA). This is available to all businesses, not just companies. As a result, it is only businesses that regularly spend more than £1 million that will benefit from full expensing.
  • For some businesses, this is a tax deferral rather than a tax saving. Whilst 100% relief is given when the asset is purchased, there may be a clawback when the asset is sold or the business ceases.

National Insurance Contributions (NICs)

Jeremy Hunt also announced that employees will see a 2 per cent cut in their Class 1 NICs from 12 per cent to 10 per cent, effective from the beginning of January 2024.

Meanwhile, self-employed individuals will receive a 1 per cent cut in their Class 4 NICs from 9 per cent to 8 per cent from April 2024.

At the same time, Class 2 NICs, payable at a fixed rate of £2.45 per week – which is the way that self-employed individuals qualify for the State Pension and other state benefits – are being abolished from April 2024.

We await clarification from HMRC as to how individuals with low profits will receive a NIC credit towards their state pension under the new system.

National Living Wage

An increase to National Living Wage (NLW) will impact almost all businesses employing staff, despite no change to the amount of NICs payable by businesses.

The NLW will increase by almost 10 per cent to £11.44 per hour in April 2024 and will be payable to employees from the age of 21. This will increase the cost of employing staff at a time when profits are falling for many farming businesses.

Inheritance Tax

There were strong rumours in the lead-up to the Autumn Statement that the Chancellor was going to announce big cuts to Inheritance Tax.

In the event, there was no announcement, and we don’t know if this has been shelved, or if it has been delayed until the spring 2024 Budget, which is likely to be the last one before the next General Election.

Personal tax thresholds and allowances

The personal allowance and income tax thresholds have been frozen since 2022, and as a result, millions more people are becoming taxpayers and higher rate taxpayers as the thresholds have not increased in line with pay.

Again, it is possible that an announcement will be made to increase personal allowances or tax thresholds in the Spring 2024 Budget, to take effect from April 2025.

If you would like to discuss how the changes announced in the Autumn Statement could impact your business, please get in touch. Call 0808 144 5575 or email help@armstrongwatson.co.uk

Related Posts

Sheep showing season begins
Farm and Countryside

Sheep showing season begins

30 May 2025
Changes to business rates
Expert advice

Changes to business rates

25 May 2025
Turning 75: the impact on tax-free cash, pension tax relief and death benefits
Expert advice

Turning 75: the impact on tax-free cash, pension tax relief and death benefits

18 May 2025
Appleby Show team rallies round as treasured event under threat
Farm and Countryside

Appleby Show team rallies round as treasured event under threat

16 May 2025
National honour for former Penrith mart manager
Farm and Countryside

National honour for former Penrith mart manager

9 May 2025
Rethink your password in light of recent cyber attacks
Expert advice

Rethink your password in light of recent cyber attacks

8 May 2025
No Result
View All Result

Stay connected

Facebook Twitter Instagram

Most popular

Sheep showing season begins

Sheep showing season begins

30 May 2025
Appleby Horse Fair: Several cases of animal cruelty

Appleby Horse Fair: Several cases of animal cruelty

5 June 2025
Free domestic abuse support drop-in service launches in Penrith

Free domestic abuse support drop-in service launches in Penrith

30 May 2025
Penrith Beacon access closed after vandalism

Penrith Beacon access closed after vandalism

30 May 2025
Multiple fire crews tackle roof fire in Crosby Ravensworth

Multiple fire crews tackle roof fire in Crosby Ravensworth

30 May 2025
Penrith bar relaunched with vibrant events planned

Penrith bar relaunched with vibrant events planned

30 May 2025
Cumberland and Westmorland Herald Logo

33 Middlegate
Penrith
Cumbria
CA11 7SY

Phone: 01768 862313
Email: news@cwherald.com

Registered in England as Barrnon Media Limited. No: 12475190
VAT registration number: 343486488

Explore

  • News
  • Sport
  • Farming
  • Property
  • Obituaries
  • Nostalgia
  • Your view

Useful links

  • Contact us
  • Photosales
  • Online archive
  • Buy your paper
  • Digital edition
  • North Lakes Living
  • Advertise
  • About us

Follow us on

© Barrnon Media Limited 2025

Terms & Conditions / Privacy Policy / Cookie Policy

This website and its associated newspaper are members of the Independent Press Standards Organisation
IPSO Logo
Review Your Cart
0
Discount
Add Coupon Code
Subtotal
Total Installment Payments
Bundle Discount
Checkout

 
0
No Result
View All Result
  • Home
  • News
  • Sport
  • Obituaries
  • Nostalgia
  • Online archive
  • more
    • North Lakes Living
    • Buy Photos
    • Buy your paper
    • About us
    • Contact us

© 2020 Cumberland & Westmorland Herald