Piggybank surrounded by leaves.
Picture of crunch software on mobile

Professional Bio Templates & Examples

Create a compelling professional narrative for a proper, attention-grabbing introduction.
Website bios
Speaker intros
Professional Profile

This is a living article, updated dynamically as and when changes occur. Many of the announcements made by Chancellor Jeremy Hunt on November 17th supersede those made by his predecessor, Kwasi Kwarteng, on September 23rd.

The long-awaited Autumn statement was today, 17th of November 2022,  announced by Jeremy Hunt, as the third Chancellor in 2022.

The changes he announced impact both individuals and businesses with the earliest of changes coming into effect from April 2023.

Personal tax

From April 2023, the additional rate income tax threshold will fall from £150,000 to £125,140. This means the 45% rate of income tax starts from £125,140 for those in England and Northern Ireland. 

Personal allowance, basic rate, and higher rate thresholds have been frozen at current levels until April 2028. They were previously set to be reviewed in April 2026. 

*Scotland sets its own rate of income tax and we are not sure if they will follow suit. Wales also has devolved powers to set rates of income tax but has yet not diverted from what happens in England and Northern Ireland. 

National Insurance

National insurance thresholds maintained until April 2028.

Class 2 national insurance will be rising from £3.15 per week to £3.45 from April 2023.

Dividend tax

From April 2023, the dividend tax allowance will fall from £2,000 to £1,000 and again, from April 2024, it will be reduced to £500. This affects all countries in the United Kingdom.

Capital gains tax

The annual tax-free allowance for capital gains tax will fall from £12,300 to £6,000 from April 2023 and again, from April 2024, it will reduce to £3,000. This applies to the entire United Kingdom.

Company cars (electric cars) and benefit in kind

Company car tax rates will increase by 1% per year for 3 years from April 2025.

Stamp duty

The previous announcement on the stamp duty threshold (doubling from £125,000 to £250,000 and first-time buyers getting £425,000) will remain in place until the 31st of March 2025. 

Employer’s national insurance contribution

The threshold has been frozen until April 2028. 

Employers Allowance 

The £5,000 threshold is also to be maintained although there is no indication for how long.

Value Added Tax (VAT)

The VAT threshold will be maintained at £85,000 until March 2026. 

Business rates

There will be a re-evaluation of business properties from April 2023. 

National living wage

The National Living Wage will increase to £10.42 per hour from April 2023. 

Married Couple’s and Blind Person’s Allowance

The allowances will be going up by 10.1% from 6 April 2023.

Research & Development

From 1 April 2023, the following changes will apply to R&D:

  • The small and medium-sized enterprises (SME) additional deduction will decrease from 130% to 86%
  • The SME credit rate will decrease from 14.5% to 10% and
  • R&D expenditure credit rises from 13% to 20%.

Corporation tax, Annual Investment Allowance and IR35

There was no mention of corporation tax, annual Investment Allowance (AIA), and off-payroll working (IR35). This means:

  • The planned rise of corporation tax to 25% is going ahead
  • The permanent £1 million allowance for annual investment is staying
  • The IR35 rules requiring public sector and medium to large-sized private end clients to determine IR35 status and withhold taxes will be maintained

Speak to an accounting expert

If you're unsure what level of support you need, our friendly team are on hand to help you pick the right package for you.
Self Assessment tax returns done for you, from just £200 £150+VAT
Take the stress out of Sole Trader Accounting, for just 1%+VAT of your money earned. No monthly subscriptions! With CrunchONE
Share this post
Lucinda Watkinson
Head of Accounting
Updated on
November 25, 2022

Knowledge Hubs

Take control of your accounts, today

Crunch’s effective software package includes being able to talk to an expert client manager and a Chartered Certified Accountant. You can count on Crunch to make you productive and profitable.

Save your seat! Live e-commerce webinar

Register and soak in the wisdom from top industry leader! June 27, 2024 1:30 PM
Dive into e-commerce basics
Expert industry insights
Practical tips and savvy tricks
Pro Tip
Want to know how much National Insurance you owe?

Find out exactly what you owe on your income in seconds with our free National Insurance calculator.

Pro Tip
Want to know how much mileage you can claim for?

Our free mileage allowance calculator can help you see in seconds what you could get back.

Pro Tip
Want to work out your income tax?

Find out what Income Tax and National Insurance you owe on your earnings with our free tax calculator.

Pro Tip
Want to work out what your Capital Gains Tax bill?

Our free Capital Gains Tax calculator shows what tax you owe on any property, stocks or gifts.

Pro Tip
Want to know how much dividend tax you owe?

Find out exactly what you owe on your investments in seconds with our free dividend tax calculator.

Pro Tip
Want to see what we're currently working on?

Our public roadmap shows what we're working on and what's coming next. You can even vote on what features we work on next!

Pro Tip
Your ultimate guide to stress-free taxes

Tackling taxes can be tough! Get our "Ultimate tax guide for the self-employed" now to make it easier.

Pro Tip
Claim your FREE ecommerce guide today

Curious how great accounting can boost your e-commerce business? Download our guide to discover 8 key ways!

Pro Tip
Unlock the secrets of Ltd company expenses

Don't miss out on potential tax savings - get access to our 'Limited Company Expense' guide today!

Pro Tip
Want to make sure you don't miss any tips?

Sign up to our newsletter for expert insights, tax news and other essential updates that will keep your business thriving. Subscribe now!

Pro Tip
Ready to save big on Ecommerce accounting?

Crush your current accounting and software fees by up to 60%. Put us to the test and watch your savings soar!

Pro Tip
Looking for a dedicated accountant?

Our Enterprise packages offer tailored support for you and your business. You can focus on your business, we'll crunch the numbers.

Pro Tip
Boost your business finances with our Ltd Company packages!

Award-winning software with support from expert accountants

Pro Tip
Take the stress out of Sole Trader Accounting

Just 1%+VAT of your money earned. No monthly subscriptions! With CrunchONE

Pro Tip
Get 25% off your Self Assessment

Get your tax return sorted by experts for only £150+VAT!

Pro Tip
Using cloud-based accountancy software to manage your finances gives any small business a big advantage!

At Crunch we provide affordable cutting-edge, easy-to-use software with real human support from expert chartered accountants. That’s probably why 81% of our clients would recommend Crunch.

Pro Tip
Want access to real expert accountants?

All our accounting packages include free access to Chartered Certified Accountants, so you can make confident business decisions without worrying about extra costs racking up.

Pro Tip
Get 25% off your Tax Return!

Crunch’s Self Assessment service provides an expert accountant to complete, check, and file your Self Assessment for you for just £150 +VAT.

Pro Tip
Did you know - We have a free plan that is great for sole traders and limited companies?

Why not see for yourself? It’s simple and easy to use and 100% free.