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Autumn Statement Update

The Chancellor gave his Autumn Statement today. Please find a brief summary below...

  • National insurance rates are being cut by 2% with effect from 6 January 2024.

  • Class 2 NIC’s are being abolished - saving £192 a year for the self employed.

  • Class 4 NIC’s will be cut from 9% to 8%.

  • A “new, simplified” tax relief for research and development will combine the existing R&D Expenditure Credit and SME schemes.

  • 75% discount on business rates for firms in retail, hospitality and leisure will be extended for another year.

  • Alcohol duty will be frozen until August.

  • State pension payments will rise by 8.5% (worth almost £900 a year).

  • Benefits will increase by 6.7% with effect from April 2024.

  • Minimum wage will rise to £11.44 per hour from April.

To read the statement in full, follow this link - https://www.gov.uk/government/publications/autumn-statement-2023



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