Mark Trevenna

Based in Sheffield & Chesterfield office @bhpaccountants. Trust Supervisor in the Trust & Estates Dept. LinkedIn: All views are my own

[Mark Trevenna @MarkTrevBHP]

Cutting taxes:
High employment taxes disincentivises employees.
Cutting 12% of employer national insurance to 10%
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Individuals - 3 further incentives:
1. Mandatory work placement if more than 18mths unemployed. or lose benefits
2. Low pay: national living wage to increase to £11.44 p/hr
3. Reforms to benefit system
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Super deduction for large businesses to be made permanent at a cost of £11bn.
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Self-employed:
Reform and simplify taxes paid by self employed - class 2 Nic. Abolishing it all together saving £192 per year. access to entitlements and credits will remain.
Class 4 paid at 9% - will be cut to 8% from April 2024
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Small Businesses:
30 day payment terms will now apply to small businesses.
Business Rates:
Freeze the small business multiplier for a further year and extend the 75% discount for retail, hospitality and leisure
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

£50m of funding for regeneration in such areas as Bolsover
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Levelling up measures:
12 investment zones announced earlier in the year
Financial incentives for free ports to be extended from 5 yrs to 10.

#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

£2bn of investment in zero emission sector for automobiles
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

British Vaccines saved more lives across the world than any other. New, simplified R&D tax credit to be introduced.
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

AI:
At the heart of future growth.
Building on super computer centres in Edinburgh and Bristol, there will be further investments.
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Reforms to pension funds:
Employees can require employeers to pay contributions into their exisiting pension pot
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Homes:
Any house to be able to be developed into two flats, provided exterior does not change.
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Local authorities to recover full costs of business planning applications, but must meet prompt deadlines for making decisions on applications.
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Increase the number of apprentices in engineering and key other resources
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Borrowing:
Bring borrowing down as it is just a deferred tax for future generations.
Borrowing lower this year than last. Falling by £0.7b per year
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Reducing debt:
Predicted to rise to 100% of GDP.
Economy has outperformed expectations and now predicted to be 94% of GDP
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

4 measures to help with cost of living:
1. Increase universal credits and benefits by 6.5%
2. Rents: increase local housing allowance to 30%
3. Alcohol duties: to freeze all duty until August 2024
4. State Pension: to increase by 8%
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Inflation:
11.1% when Rishi and Hunt took office and it is now 4.6%.
2024: 2.4%
2025: 2%
#AutumnStatement2023 @bhpaccountants

[Mark Trevenna @MarkTrevBHP]

Windfall taxes to be increased from 25% to 35%

@bhpaccountants
#autumnstatement2022
#AutumnStatement

[Mark Trevenna @MarkTrevBHP]

R&D tax relief for SME to be reduced to combat abuse
@bhpaccountants
#autumnstatement2022
#AutumnStatement