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