A stay of execution

Just as we were starting to prepare this newsletter, the Chancellor (Rishi Sunak) cancelled the Autumn budget and effectively torpedoed all the speculations on which taxes might be about to rise!

There is little doubt that significant changes and tax rises are on their way. Like a trip to the headteachers office, where the severity of the punishment is yet to be decided, we must confess to mixed feelings of fear and excitement.

Despite its shortcomings, Rishi demonstrated some creative flair with his 'Eat Out To Help Out' scheme, so we were hoping that this Budget would be much more 'interesting' than in previous years. Alas, we will now have to wait until the Spring.

There has been much speculation about which areas he will target, but these seem to be the leading contenders:

• Increasing Class 4 National Insurance - paid by the self-employed - from 9% to 12%
• Pausing the State Pension 'Triple Lock'
• Amending Pension Tax Relief (Potentially to a flat-rate)
• Increasing Corporation Tax
• Reform Capital Gains Tax (In line with Income Tax)
• Overhauling Inheritance Tax
• Increasing Fuel Duty
• Changes to Living Wage

This is not an exhaustive list but, be assured; we remain prepared to help you deal with whatever Rishi throws at us.

In the meantime, clearly restrictions to help contain the virus are 'closing in' with more parts of the country moving into the new 'Tier 2'. Having successfully adapted earlier this year, Autus is well prepared for this, so you can be confident that it will be business as usual as far as we are concerned.

We hope you enjoy the Autumn edition of our newsletter, 'Moneywise'. As usual, please do not hesitate to contact us if you have any questions.