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Timothy's Bridge Road
Stratford-Upon-Avon
Warwickshire CV37 9NP

01789 294484

enquiries@gjassociates.co.uk

London

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Mayfair
London
W1C 1AY

0207 495 0304

enquiries@gjassociates.co.uk

Autumn Statement 2023: What It Means for Your Business

Articles

Autumn Statement 2023 at House of Commons

The Autumn Statement 2023 brings pivotal changes impacting entrepreneurs, self-employed individuals, and employers across the UK. At Grenfell James, we’re committed to empowering businesses with insights that matter. Let’s delve into the key takeaways from Helen Gill our Client Manager:

Self-Employed Individuals: Tax Reforms

Abolishment of Class 2 National Insurance (from April 2024)
For the self-employed, this means a lighter tax load to HMRC. Moreover, entitlements like the full state pension remain accessible without this additional tax.

Reduction in Class 4 National Insurance (8% from 9%)
Expect reduced tax obligations for profits between £12,570 and £50,270, offering more financial flexibility.

“I said we would cut taxes when we could – but only responsibly and only in a way that did not fuel inflation.”

Jeremy Hunt, speaking in the Commons: Autumn Statement 2023

Wage Adjustments

National Living Wage Increase (April 2024)
With the hourly wage rising to £11.44 for individuals aged 21 and above, employers need to review wages accordingly. Employees will witness a slight increase in PAYE but enjoy a higher take-home pay.

Reduction in Employee National Insurance (from January 2024)
Employees will experience an uptick in take-home pay due to reduced tax deductions, a welcome aid amid the current cost-of-living crisis.

Tax Relief and Childcare Support

Full Expensing Capital Allowance Threshold
Limited companies investing in qualifying assets (e.g., IT equipment, vans) can benefit from 100% tax relief on expenditures up to £1 million, offering substantial corporation tax benefits.

Continued Free Childcare Plan
The existing childcare support remains intact, phased to provide 30 hours of free childcare for children over 9 months by September 2025. This phased approach begins in April 2024 and aims to support working parents with additional cash and flexibility.


At Grenfell James, we understand the importance of these changes and their impact on your business. If you’re a small business owner seeking guidance on navigating these developments, our team is here to help. Reach out today to explore how we can simplify and revolutionise your business.

Grenfell James Technology Adoption Index

How does your business perform against others adopting financial tech? Find out with our interactive diagnostic:

1.

How does your business receive invoices?

A)

Invoices are mainly received in paper form

B)

Invoices are mainly received by email

C)

Invoices are emailed then automatically forwarded to a designated mailbox

2.

How are purchase invoices processed?

A)

Invoices are entered manually

B)

Invoices are attached to manually raised invoices

C)

Automated software (e.g. ReceiptBank, 1Tap, HubDoc etc) collates invoices

3.

How are accounts processed?

A)

Using Excel/paper-based

B)

Using Computer-based, offline software

C)

Using cloud-based accountancy software

4.

How often is business data revised?

A)

Data is updated annually

B)

Data is updated quarterly

C)

Data is updated monthly or more often

5.

How is banking updated for your business?

A)

Banking is updated manually

B)

Banking is updated by imports

C)

Banking is updated via a live feed

6.

How are bank payments made?

A)

Bank payments are manual

B)

Bank payments are made using bulk imports

C)

Bank payments are made directly via accounting software

7.

How are bank receipts reconciled?

A)

Receipts are chased and reconciled manually

B)

Receipts are chased and reconciled automatically

C)

A third-party platform is used to chase debts and collect fees

8.

How often are management reports produced?

A)

No reports are provided

B)

Reports are provided but often too late to be valuable

C)

Reports are automated with real-time information

Score 8-12:

Curious Exploration

Your financial technology phase is Curious Exploration

% of respondent businesses are in this phase too.

Switching accountancy systems may seem like an upheaval, but can be much more straightforward than most businesses imagine. From talking to our clients, they have found moving from paper invoicing and desktop-based accounting software to the cloud and apps quickly makes the transition process a worthwhile investment of time. Digital accounting solutions bring in streamlined processes, up-to-date business data and greater confidence in the accuracy of information when making financial decisions.

Grenfell James works with your team to fully assess the needs of your business and minimise the impact of any transitions for solutions we recommend.

Find out more about App Advisory

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Score 13-19:

Measured Discovery

Your financial technology phase is Measured Discovery

% of respondent businesses are in this phase too.

Once cloud accountancy software is in place, there’s still plenty of scope to improve your accountancy processes and make sure your business is maximising the benefits of adopting a digital accounting solution. Grenfell James assesses each business to understand how any implemented solutions are being used, identify areas for improvement and the needs of the business overall to support your business goals and achieve success.

Our team of experts can discuss a range of time-saving automation and get different apps and cloud-based solutions talking to create and manage a digital accountancy eco-system to help your business grow.

Find out more about App Advisory

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Score 20-24:

Bold Innovation

Your financial technology phase is Bold Innovation

% of respondent businesses are in this phase too.

You know the benefits of accounting technology and the impact it can have on your business goals. If you want to take it a step further, our team can conduct a systematic review of your processes, apps and business goals to ensure your digital accountancy ecosystem is keeping pace with the changing needs of a growing business.