With 110 measures announced I will not be listing them all - but have put below the ones I feel will affect my clients (and me) the most.
Businesses
Freezing the multiplier for small rates business tax
This should help keep fixed costs low
Making permanent the full expensing of investments
This will help the larger businesses
Businesses in the supply chain with public sector clients will be guaranteed a maximum payment term of 30 days
This will be a huge help cashflow wise
Increase in minimum (national living) wage to £11.44 per hour for staff aged 21 years and over from April 2024
A huge help for the lowest paid workers, but a significant impact on small businesses to fund this (and the knock on increase in pension contributions etc)
Self-Employed
The abolition of class 2 NIC from April 2024
a saving of around £200 - details on how the pension credit will be recorded are yet to be confirmed
Reduction in Class 4 NIC from 9% to 8% in April 2024
a welcome saving
Personal Tax
Employee NIC reduced from 12% to 10% on earnings between £12,571 - £50,270 from 6th January 2024
A welcome saving for employees, more mid-year changes/calcuations/software updates to run during the busiest time of year for the accountancy profession.....
Other
A freeze on alcohol duty until 1/8/2024
State pension to increase 8.5% to £11,500 in April 2024
Other benefits to rise 6.7% in April 2024
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