Craig Weavers - Lambert Chapman Senior ManagerThe Autumn Statement was not expected to give much away and the Chancellor has confirmed this during his statement.

Support for limited companies is being given with the full expensing of capital expenditure being made permanent. I am unable to get excited by this as the annual investment allowance limit is already set at £1 million.

There are changes to the Construction Industry Scheme and strengthening the tests for gross status. Businesses will be required to comply with VAT obligations and keep these up-to-date as part of the criteria to obtain gross status. A tightening of compliance is not going to be welcome by businesses affected however I can understand why HMRC want to target businesses who are not compliant with the tax system.

The reduction in self-employed national insurance rates is welcome.  For small owner managed businesses, they should speak to their accountant on whether the current trading style is the correct one for the business following this announcement.

Craig Weavers – Partner

Lambert Chapman Chartered Accountants

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