Whilst I've been cheerfully caveating conversations with clients to mention that half of what I say could be different after the Chancellor's autumn statement I took a minute to put together a Bingo Card to make the whole thing a bit more interesting.
I do wonder what my fellow Awebbers are hoping to see him say tomorrow or rather hoping him not to adjust. I'm mostly hoping for a VAT threshold increase and full expensing for capital expenditure - but I certainly don't want to hear the words 'marginal relief' uttered anywhere in his statement.
Anybody got any wild predictions?
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It's always a non-event for VAT, the tax that never grabs headlines except for that Eat Out to help Out thing, everyone likes a VAT cut that didn't actually translate into things being cheaper for the customer.
SDLT could be interesting, hopefully not another "holiday" which just distorts and harms the housing sector, something a bit more sensible but then it's Jeremy Hunt so sense won't come into it.
There's an election coming so I'm expecting lots of unfunded giveaways that the next government will have to deal with, even less investment in HMRC, something about a fund for potholes and a freeze on fuel, alcohol and cigarettes.
The fuel duty freeze thing is nothing short of a running (bad) joke as mentioned by me here many times (and also CIoT more recently).
https://www.accountingweb.co.uk/community/blogs/giles-mooney/fantasy-bud...
I note The Guardian also agree with this fuel duty freeze bad joke: https://www.theguardian.com/politics/live/2023/nov/22/jeremy-hunt-autumn...
My apologies, I clearly did not look hard enough.
In fairness, a week is a long time in politics so it's the last chance to place your bets.
Here is what I expect:
1. As we all know IHT rates may come down and/or the threshold may go up.
2. Either personal income tax/NI rates lowered or threshold increased
3. 'Expensing' capital exp may become a permanent feature
4. Pension overhaul - lot of money sitting in workplace pension
5. May be some relief for small businesses
I've got a feeling we'll see it nudged slightly to £90k as I'd imagine the reduction in revenues for the treasury would be minimal but can be marketed as a huge boost to small business. Please feel free to embarrass me if (probably when) I am wrong like I'm sure everyone else in our office will.
I also think the threshold may go up plus reduction in Inheritance tax and business tax. I also expect an increase in the personal allowance to save OAPs being taxed on their state pensions at source.The VAT threshold will never increase now. It is the stealth tax that keeps on giving.
It will be a bit like getting another pair of socks as a present at Christmas ... the same as usual, but in a different colour.
