Dutton Moore

16/12/2025

11/06/2025

Chancellor Rachel Reeves MP has set out her spending review in the House of Commons this afternoon. It outlines how much funding individual government departments will receive over the next three years and state infrastructure investment for the next four years. The Chancellor said the government’s priorities are health, security and the economy.
The last spending review took place during the COVID-19 pandemic, and before that, in 2015.
The Chancellor labelled the review as: “we are renewing Britain. In place of chaos, I choose stability, in place of decline, I choose investment. I choose national renewal.” She stated it was a zero-based review with a line-by-line assessment on what the government spends and she is raising the cash from driving out inefficiencies and selling off government land and buildings and from ending the loophole on VAT on private school fees.
Managing Partner, Tony Bullock’s reaction: “This is ludicrous, huge spending pledges with no way of paying for it. It’s a spend now and tax later spending review and it’s very worrying. We will have a summer of speculation as we await the Autumn Budget and we must be in no doubt that taxes will have to increase to pay for this.
“Simply, there are two options to pay for all of this, either increase the national debt or come the Autumn we have to expect huge tax increases.
“This may look like great news for those benefitting from the spending, but it is not good news for the taxpayer in the coming months. The only way to pay for this is increasing taxes. Just selling off a few government buildings, will be a drop in the ocean in terms of paying for this. The burden will fall on us, businesses and individuals.”
Set against a very challenging economic backdrop, here’s an overview of the spending announcements:
• Government department budgets to grow by 2.3% per year in real terms.
• Committed more than £14bn to build the Sizewell C nuclear power station.
• Over £2.5bn to be invested in nuclear fusion.
• £500m grant confirmed for Tata Steel in Port Talbot.
• Pledged investment of £15.6bn in regional transport projects outside of London.
• Cuts to winter fuel have been reversed with around nine million pensioners now set to receive the payment.
• £11bn increase in defence spending and a £600m uplift for security and intelligence agencies. Defence spending will increase to 2.6% of GDP by April 2027.
• £280m more per year to be spent on new Border Security Command – and a pledge to end the use of costly hotels to house asylum seekers in this parliament.
• £2bn to be invested in the government’s Artificial Intelligence Action Plan.
• £39bn cash injection into social and affordable house building.
• The NHS sees a funding boost of £29bn per year for the day-to-day running of the health service - a 3% rise for each year until the next election.
• £1.2 billion for training and upskilling.
• Investment of £7bn to fund 14,000 new prison places. And £700m per year into reform of the probation service.
• £3 bus fare cap extended until at least March 2027.
• £370m to be spent on school-based nurseries. Nearly £2.3bn per year to fix crumbling classrooms and £2.4bn per year for rebuilding 500 schools – and an uplift in schools core budgets.
• Expansion of free school meals and capping the cost of school uniforms.
• £55m for children’s social care.
• Police spending power will increase by an average of 2.3% per year with more than £2bn to help put 13,00 extra police officers and PCSOs on the streets.

17/12/2024

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Dutton Moore Chartered Accountants Hull and East Yorkshire. At Dutton Moore, we really value our people. For the firm to continually progress our people must progress and so all our staff have a personalised training programme.

30/10/2024

A round-up of todays’ first Labour Budget from Chancellor Rachel Reeves, from Tax Partner Colin Hamilton…

Today’s Budget sees one of the largest increases in tax and spending in recent history. It represents the Labour governments vision of Big Taxes / Big Spending / Big Borrowing in response to a perceived £22B ‘financial black hole’ and the need to re-position the economy for the future. Rachel Reeves has delivered a historic budget - Labour's first since 2010, the first ever from a female chancellor, and the biggest tax-raising fiscal event in more than 30 years.

Set against a very challenging economic backdrop, here’s an overview of announcements for businesses:

National Minimum Wage: to increase from April 2025 for over 21’s to £12.21 per hour an increase of 6.67%. 18–20-year-olds minimum £10 per hour (from £8.60). With effect from April 2025.

Employers NIC: increase in rate from 13.8% to 15%. Chargeable on earnings from £5,000 (currently £9,100). Increase in Employment Allowance from £5,000 to £10,500 which will alleviate the increase in the NIC bill for smaller employers.

Capital Gains Tax: the rate of CGT within the basic rate band increases from 10% to 18%. Higher rate increases from 20% to 24%. Both changes from 30th October 2024. Business Asset Disposal Relief lifetime limit retained at £1m. 10% rate to increase to 14% in 25/26 and to 18% in 26/27. Tax paid by private equity managers on share of profits from successful deals to rise from 28% to 32% from April.

Inheritance Tax: freezing of bands. APR/BPR to be reformed: £1m combined limit at 100% relief, 50% relief thereafter. Gifts of shares after 30/10/24 where donor dies within 7 years but after 6th April 2026 will have the new rates applied to the failed PET. Deaths before 6 April 2026 will have 100% relief available. From 6 April 2027 the value of a person’s unused pension fund will be included in the value of the Estate for IHT purposes.

Stamp Duty Land Tax: the surcharge for second residential properties will increase to 5% (from 3%) with effect from 31st October. This will also affect the acquisition of residential properties by companies – the flat rate of SDLT will go to 17% from 15%.

Income tax bands: no changes will be made until 28/29 when the bands will increase by inflation (expected to be 1.2%).

Corporation Tax: Main rate of Corporation Tax on taxable profits over £250K to stay at 25% until next election.

Business Rates: rates relief extended for the retail, hospitality and leisure industries until 25/26. But the relief will be cut from 75% to 40%, which could see many businesses experiencing a doubling of business rates.

In conclusion during the election, Labour was talking about menial tax rises and spending commitments compared to what was announced today. To put it into context, this budget, in terms of tax and spend, is £74bn in spending by the end of this parliament, £41bn in tax rises. These are huge tax rises that were not in the manifesto, but will not come as a surprise to many.

07/03/2024

A round-up of yesterday's Budget from Chancellor Jeremy Hunt, from Managing Partner Tony Bullock….
The Chancellor of the Exchequer's budget is set against a very challenging economic backdrop with a looming general election. The £400 billion bill for Covid and £100 billion bill for employment and energy support packages plus other financial headwinds (including much higher interest rates etc flowing from the discredited strategies pursued by the previous Prime Minister and Chancellor) have created an unenviable scenario upon which to portray to the electorate a government capable of taking the economy forward in a seemingly portrayed slightly improving environment. International events like the war in Ukraine continue to add to the overall economic problematic tapestry of many countries, particularly the UK. Many of the key budget features were heavily trailed pre-budget and thus no real surprises have emerged from the chancellor today, who is seeking to balance a very difficult scenario.

Here’s an overview of announcements for businesses:

Key features:
The key feature in the budget is the 2p in the pound reduction in employees National Insurance, but the unchanged income tax bands remain a fiscal drag attracting widespread criticism, especially amongst lower income earners and the overall tax burden remains stubbornly high for the foreseeable future.

Business and Investment:
• The threshold at which small businesses must register to pay VAT is raised from £85,000 to £90,000 from April.
• Covid era government loan scheme for small businesses extended until March 2026.
• Tax relief for touring and orchestral productions due to end in March 2025 made permanent.
• Fuel duty frozen again for another year.
• Windfall tax on profits of energy firms extended until 2029.
• Air passenger duty to go up for business class tickets.
• A further £120m for green energy projects.

Property:
• Higher rate of tax on profits from selling residential property cut from 28% to 24%.
• Tax breaks for owners of furnished holiday let properties to be scrapped.

Taxation:
• National Insurance cut by 2p in the pound for employees and the self-employed
• Non dom tax regime to be replaced from April 2025.
• £5,000 UK ISA tax allowance for savers investing in UK focused shares to be set up.

Benefits and income support:
• Child benefits to be paid to households where highest earing parent earns up to £60,000 – the current limit is £50,000.
• Partial child benefit to be paid where highest earner earns up to £80,000.
• £90 admin fee to obtain a debt relief order scrapped.

Public debt, inflation, and the economy:
• OBR predicts UK economy to grow by 0.8% this year and 1.9% next year.
• UK inflation forecast to fall below 2% target in just a few months’ time.
• Underlying debt forecast to be 91.7% of GDP this year (excluding Bank of England debt).
• Overall govt spending to grow by 1% in real terms over next 5-years.
• NHS budget to go up by £2.5 billion next year, plus £3.5 billion up to 2030 to improve productivity.

In conclusion this was a difficult budget in a challenging time from a government long in power and dealing with an extraordinary economic and political balancing act. The verdict remains uncertain.

27/11/2023

A round-up of the Autumn Budget from Chancellor Jeremy Hunt, from Managing Partner Tony Bullock...

The Chancellor sought to present a more upbeat assessment of the economy even than comparatively recent statements allowed, perhaps with the forthcoming election in mind. Included were some rather unexpected taxation changes, however, most major tax thresholds remain unchanged (resulting in some significant 'fiscal drag') and the heavy lift remains economic expansion for increased prosperity, albeit recognising some eye-catching measures outlined in the statement.

There were 110 measures aimed at boosting economic growth and a theme of ‘Make Work Pay' behind some personal taxation measures.

The main business measures included…
• 75% of business rates discount for retail/hospitality/leisure extended for another year.
• Full expensing tax breaks on new machinery and equipment from profits made permanent.
• Finance incentives for investment zones and tax relief for Freeports extended from 5 years to 10 years.
• New investment zones.
• Funding for £4.5 billion to attract investment in green energy/aerospace/life science/zero emission vehicles.
• UK growth forecasts downgraded to 0.6% this year - 0.7% next year - 1.4% in 2025 - 1.9% in 2026 - 2% in 2027 and 1.7% in 2028.
• Target rate of inflation set to 2.8% by end of 2024.
• Underlying debt forecast to be 91.6%/92.7%/93.2%/92.8% respectively between 2024 and 2029.
• Borrowing forecast to be 4.5% of GDP in 23/24 then: 3.0%/2.7%/2.3%/1.6%/1.1% respectively between 2024 to 2029.
• Duty on beer/cider/wine/spirits frozen until August 2024.

The main personal tax changes included…
• National Insurance rate cut by 2% on earnings from £12,572-£50268 from 6th Jan.
• Self-employed Class 2 contributions abolished.
• Class 4 contributions on all earnings between £12570 and £50270 reduced from 9% to 8%.
• National Living Wage for over 23’s rise from £10.42 to £11.44 per hour.
• Most benefits to rise 6.7% and pensions will rise 8.5%.

14/09/2023

Dutton Moore Chartered Accountants and Business Advisers are delighted to be the official auditors for Welton Cricket Club, a successful local family cricket club at Welton, Brough.
The team at Dutton Moore took over the club’s audits at the beginning of the 2022 season, after being approached by the club’s committee and are now completing a 2nd season supporting the club.
This 2023 season has seen some real successes for the club – with the 1st Senior X1 team ending third in the Championship East Division, the 2nd XI placing 5th and securing their place in Division 2 Holderness, after promotion last year, and Welton’s 3rd XI have finished 2nd and Welton Academy XI top, in the Sunday Division.
Not only does Dutton Moore congratulate the cricket club for a successful 2023 season in all the respective senior leagues but is also delighted the club has seen its first female players join the senior teams this season, for the first time in the club’s history.
Tony Bullock, Managing Partner at Dutton Moore, said: “We are delighted to support Welton Cricket Club again this season with their Audits. It’s great to support a local team who are showing successes and proving to be a hugely valuable asset to the local community. We value grassroots sports and community ventures across our region and as such are happy to support charities and organisations that are harnessing local talent. Well done to Welton on a successful 2023 season!”
Howard Kingdom, Chairman of Welton Cricket Club, commented: “We are very grateful for Dutton Moore taking over our financial audits for the last two seasons. They have done a great job supporting us, it really makes a difference having a large well respected local business supporting us as we provide grassroots cricket to our local community and senior cricket every weekend. We look forward to working with the team at Dutton Moore again for the 2024 season and we proudly display their billboard on our outfield.”

11/07/2023

New Trainees Flying High with Exam Success...

Nearly one year on from joining Dutton Moore’s in-house accountancy training scheme, the four latest accountancy students have had plenty of exam success as they charge forward with their careers.

The students were handpicked from local 6th Form Colleges last summer and are already seeing the fruits of their studies whilst working within one of the region’s largest accountancy firms.

Alex Kirk, Elsie-May Taylor, Gracie Edeson and Nicola Anderton, are the latest to enjoy exam success as they work within the busy teams at Dutton Moore Chartered Accountants and Business Advisers in Market Place, Hull.

Both Elsie-May and Nicola went straight onto the ICAEW Chartered Accountant (ACA) qualification, as they studied Accountancy at A-Level, and Alex and Gracie are studying for the Association of Accounting Technicians (AAT) before moving onto the ACA qualifications.

Alex, 19, from Elloughton, joined from South Hunsley Sixth Form College and Gracie, 18, from Driffield, joined from Driffield School and Sixth Form. Alex has now passed the AAT Level 3 Diploma in Accounting, having passed Business Awareness, Financial Accounting: Preparing Financial Statements, Management Accounting Techniques and Tax Processes for Businesses exams. Gracie is preparing to sit her final AAT Level 3 exam in Business Awareness.

Elsie-May, 18, from Hedon, joined from Wyke Sixth Form College and has now passed her Law and Accounting ACA Certificate level exams and is now working on the Business, Technology and Finance exam. And Nicola, 18, who joined from Wyke Sixth Form College, has passed all six Certificate exams, and has moved onto studying for her first professional exam.

All the new trainee accountants are studying alongside working within the Dutton Moore teams, producing year end statements, VAT returns, assisting on audits, producing working papers and tax work.

The four students are the latest in years of progressive succession planning at the firm with new school leavers joining every summer and going on to qualify. The firm has a long history of investing in young local talent and has an enviable in-house training scheme backed up by the professional industry examinations. Scores of accountants and Partners at Dutton Moore joined straight from school, college and university and have gone on to forge very successful careers at the city centre practice.

Tony Bullock, Managing Partner, said: “We are constantly investing in our future and nurturing our local talent. I am pleased our latest trainees are getting on so well with their exams, they have made an excellent start to their accountancy careers.”

The trainees have chosen to take the professional in-house route in qualifying to be accountants, as opposed to the university route. Steven Raines, Partner at Dutton Moore, is the designated ICAEW Training Counsellor and is supporting the students on their route to becoming Chartered Accountants. He added: “I joined Dutton Moore in 2005 as a school leaver myself and I am keenly involved in nurturing our student careers within the practice. I’m incredibly proud of our new trainees and how well they are getting on with their exam success to date. Keep up the good work!”

15/03/2023

A round-up of todays’ Budget from Chancellor Jeremy Hunt, from Managing Partner Tony Bullock….

Today hasn’t given us a lot of good news – it’s very much a difficult budget trying to steady a difficult ship and of course ahead of the election next year! Here’s an overview of announcements for businesses:

• The OBR says we will avoid a technical recession this year – but the economy will shrink by 0.2%.
• Growth of 1.8% predicted for 2023, 2.5% for 2025 and 2.1% for 2026.
• UK inflation rate predicted to fall to 2.9% by the end of the year, down from 10.7% at the end of last year – which is significant.
• Underlying debt forecast will be 92.4% of GDP this year, rising to 93.7% next year.
• The main rate of corporation tax payable by businesses earning more than £250K taxable profit will rise from 19% to 25%.
• For smaller companies making taxable profits of between £50k and £250k, corporation tax will be between 19% and 25%.
• Tax breaks for 12 new investment zones across the UK will amount to £80 million each over 5-years.

Childcare has been transformed and will really benefit families with young children to enable them to get back to work – and another notable feature of today’s budget is that defence spending will be uplifted by £11 billion over the next 5-years.

08/03/2023

Celebrating International Women’s Day today we mark the 114th anniversary of the first pioneering female to be admitted to an accountancy body in the UK.
International Women’s Day has several missions to help forge a gender equal world - celebrating women's achievements and increasing visibility, while calling out inequality, is key.
Ethel Ayres Purdie became ACCA’s first female member in 1909 and the first woman to be admitted as an associate to the London Association of Accountants, a founding organisation of the ACCA.
She spent most of her working life pursuing women’s equality. Where she saw gender inequality, she resisted, campaigned, and fought for the reform of public policy.
Born in Islington, London, in 1874, Purdie worked as a 16-year-old as a clerk at the Post Office. Here she was involved in a campaign to return deferred pay to female civil servants who had been forced to leave the service due to the marriage bar, the rule that required women to give up their jobs once they got married. Soon after her own marriage in 1897 and giving birth to two sons, she defied conventions by taking accountancy exams and launching a career as an accountant.
The chartered accountancy bodies did not admit women at that time, and the Privy Council, the body that heard applications for royal charters of incorporation, turned down her request to become a chartered accountant as an individual. She eventually joined the London Association of Accountants, which had a more progressive admissions policy.
Purdie became the leading provider of income tax advice to women, eventually operating as the Women Taxpayers’ Agency. She pursued a vigorous campaign against the unfair treatment of married women in the tax system. She was a leading figure in the Women’s Tax Resistance League, which argued that if women did not have the vote, they should not have to pay tax.
Purdie argued that women winning the vote was a key step in redressing wider gender inequalities, and that economic, social, and political emancipation was essential to the progress of women. She believed that the success of women in business and the professions depended on access to capital, which should be supplied through co-operative ventures such as the formation of women’s banks – financed, owned, and managed by women.
Purdie died in 1923 but remains an inspirational figure to all who seek to forge gender balance and challenge bias.
Tony Bullock, Managing Partner, said: “We celebrate women in business today – and particularly in our practice. Across the spectrum, from boardroom, Partners, to management, accountancy, and clerical – women are the heartbeat of Dutton Moore. Like all our staff, we nurture their careers and are fortunate that such talent is available on our doorsteps.”
Helen Edgar, Partner, joined the firm as an Audit Junior in 2000 and became Partner in 2015. She commented: “Equality in our workplace is central to the way we operate - there is no gender divide on any levels - and so communally we celebrate International Women’s Day every year.”