Chancellor prepares for Autumn Statement

Date: 23rd November 2011

Small business owners and other UK taxpayers will see the coalition government publish its Autumn Statement later this month.

Chancellor of the Exchequer George Osborne is scheduled to publish the report on November 29th and a number of new measures are set to be introduced.

Used by many as a forecast of the country's immediate economic future, the Statement is expected to bring a number of changes to the UK's tax system.

Indeed, as outlined in the Budget 2011, taxpayers can expect the basic personal income tax allowance is expected to rise to £8,105, with the higher-rate 40 per cent tax band kicking in on earnings higher than £34,370 per year.

National Insurance Contribution (NIC) rates and thresholds will also rise in line with the Consumer Price Index.

A number of trade organisations have predicted what the Statement will bring, with the Federation of Small Businesses in particular calling for a targeted VAT cut.

The organisation believes such a cut will encourage spending in certain areas and is also calling for an extension to the current NIC holiday for firms with fewer than four employees.

Posted by Emily Smith