14 Key Takeaways From The Autumn Statement for Business Owners
Your waiting in anticipation is now over… The main points from the Autumn Statement are here😉
Keeping on top of financial updates probably isn’t your thing and we totally get that. It’s what we’re here for.
Which is why we’ve put together the 14 key takeaways from the Autumn Statement you need to know if you’re a business owner👌
So, without further ado, let’s get into it.
14 Key Takeaways From The Autumn Statement for Business Owners
1 – Reduction of the income tax additional rate threshold from £150,000 to £125,240
2 – Freezing personal allowance thresholds until April 2028🧊
3 – Capital gains tax (CGT) allowance cut from £12,300 to £6,000 from April 2023, and to £3,000 from April 2024
4 – Freeze inheritance tax nil rate bands until 2027- 28🧊
5 – Revision of the energy support package from April 2023
6 – Dividend tax rate will be cut to £1,000 from April 2023, and to £500 from April 2024🙄
7 – Company Car Tax Rates for electric and ultra-low emission cars emitting less than 75g of CO2 per km will increase by 1% from April 2025, a further 1% from April 2026 and a further 1% from April 2027, taking it to a maximum percentage of 5% for electric cars and 21% for ultra-low emission cars 🚗
8 – Company Car Tax Rates for all other vehicle bands will increase by 1% from April 2025, up to a maximum of 37% and will then be fixed for 2026-27 and 2027-28🚗
9 – Electric car no longer exempt from vehicle excise duty
10 – Freeze employer’s NI threshold until April 2028🧊
11 – VAT threshold maintained until March 2026
12 – R&D relief for SMEs cut to 86% and the credit rate to 10%✂️
13 – SDLT cut will remain only until March 2025✂️
14 – Increasing the national living wage for over 23 year olds to £10.42🎉
We appreciate this is a snapshot of the announcement, so if you would like to know more about any of these and how they may impact you or your business, get in touch 👍
Please also be mindful that new announcements may have been made since the date this blog was published. We always aim to publish anything we feel is important for you to know in a time sensitive way. If you’re ever unsure, give us a call and we’ll happily go through anything with you.
Would you like some new ideas for your business? For Free?! 🎉
A great way to get new ideas for your business is to talk to other people who are doing it just like you, so come along to our informal networking events each month.
We have a monthly Book Club and Thirsty Thursday (informal networking at the pub!). To find out more, and see when they are, click here. We’d love to see you! 🍻
Take it easy.
