Bevan Buckland LLP Tax Specialist Reacts to Autumn Statement

Leading Welsh independent accountancy firm, Bevan Buckland LLP, is offering its reaction to today’s Autumn Statement. 

Following Chancellor Jeremy Hunt’s much anticipated budget announcement, which has seen widespread tax increases and spending cuts, Michael Jones, partner at Bevan Buckland shares his thoughts. 

He said: “The measures announced today will have a significant impact on the lives of millions of people across the UK. 

“Many people will be concerned about their financial stability as we move into the new year as a result of the planned tax rises, coupled with the reduction in energy saving support from next April and the planned increases to council tax in many areas. From the stealth tax to the reduction in the threshold for the top rate of income tax, millions more people will be paying more tax after today’s announcements, with middle and higher earners being hit the hardest. 

“The announced spending cuts will also have a wide-ranging impact across the country, with businesses across all sectors re-evaluating their spending from today. 

“With the planned changes to the dividend allowance, increase in the dividend tax rate and increase in corporation tax rate this will have a significant impact on small businesses owners. 

“While there was some encouraging news that the National Living Wage is set to increase, while state pensions and benefits will also rise with inflation, there is little to rejoice about when we face a recession and a cost of living crisis. 

“The Chancellor himself has admitted that these are very difficult times and that these measures are necessary to balance the books. From our perspective, we will be on hand to help people navigate these changes and to ensure they have an effective tax planning strategy in place.” 

Bevan Buckland LLP has a 100-strong team of experienced staff, along with 14 tax specialists, including accountants and chartered tax advisors, who are ready to offer guidance to both individuals and businesses following this announcement. 

It offers advice to businesses of all sizes, from start ups to international companies, across a diverse range of sectors, including manufacturing, professional services, healthcare, property, environment, and agriculture. 

The tax team are based throughout Bevan Buckland’s five office locations across south Wales in Swansea, Cowbridge, Carmarthen, Pembroke and Haverfordwest. 

For more information visit www.bevanbuckland.co.uk.