23 Nov Autumn Statement 2023
Yesterday, the Chancellor of the Exchequer, Jeremy Hunt, outlined his Autumn Budget for 2024-2025. He aims to promote growth in the UK economy by encouraging big businesses to invest and delivering tax cuts for small businesses, self-employed, and working individuals.
Here are the key points from today’s announcement:
- For small businesses, business rates will be frozen for a year, and there will be a 75% discount for retail, hospitality, and leisure companies (England Only).
- Class 2 National Insurance for Self-Employed is to be abolished.
- Class 4 National Insurance for Self-Employed to 8%.
- The Full Expensing Capital Allowance, which was announced back in the Spring Budget, is to be made permanent, allowing businesses to save on Corporation Tax by investing.
- National Insurance paid by employees is to be cut by 2% from 12% to 10% from 6th January 2024 on earnings between £12,571 and £50,271.
- The National Minimum Wage (also referred to as the national living wage) will rise to £11.44 per hour from April. This is an increase of £1.02 from the current rate of £10.42.