Last week, the Autumn budget was released. Below are the key takeaways:
- The rates of National Insurance are being cut.
- The 75% discount on business rates will be extended for another year.
- All alcohol duty will be frozen until August.
- £500m will be invested in the next two years to fund ‘innovation centres’.
- State pensions are set to rise by 8.5% to £221.20 a week
- National living wage – this will be raised from £10.42 per hour to £11.44 from April 2024. It will apply to those aged 21 or over, after extending the rate to 21 and 22-year-olds.
- The “full expensing” capital allowance allows companies to deduct spending on new machinery and equipment from profits. This was made permanent, having been introduced temporarily in the 2023 Spring Budget.
If you would like to read the Autumn statement in full, click here. Stay tuned. Our blog will discuss any further updates.
