Hello, business owners! Let’s talk about what the UK Autumn Statement means for you in plain English, with all the important bits you need to know:
Our director Paul breaks down the Autumn budget with a quick synopsis
Cash Cushion for Growth
The government has a safety net of funds aimed at supporting businesses making sure they can grow. They’ve introduced 110 measures to help businesses with things like productivity and taxes. This is collated in a 120 document you can click here to read.
Drinks on Hold
Friendly Rates for Small Businesses
If your business is on the smaller side, you’ll be glad to hear that your business rates won’t go up this year. And if you’re in retail, hospitality, or leisure, you’ll continue to enjoy a significant reduction in business rates.
Full Speed on Spending
Simpler Tax Breaks for Innovation
Cheer for Creative Types
National Insurance Cuts
Big news for both employees and the self-employed: National Insurance is getting cheaper. Employees will see a 2% cut from their National Insurance rates, and for the self-employed, Class 4 NI goes down by 1% to 8%. Plus, a certain type of National Insurance payment, known as Class 2, will be abolished, making tax a bit simpler for the self-employed.
More Money in Your Pocket
Minimum Wage Jump
Last but certainly not least, if you’re paying your staff minimum wage, note that it’s going up to £11.44 from April 2024. This is a significant raise, which means those earning the minimum will take home more money but it also could be a huge change for your business. Making it more important than ever to plan!
Listen to Paul talking about the impact on small businesses by watching this video.
Remember, all these changes are about making sure that work pays off more and that your business can thrive. It’s always a good idea to chat with an accountant to see exactly how these changes affect your specific business. Stay informed and keep growing!
Please check out our social media for more videos breaking down the budget!