Autumn Statement 2023

On November 22nd, 2023, Chancellor Jeremy Hunt, released the 2023 Autumn Statement. There were several announcements that will affect both businesses and individuals. I will cover the items announced that affect businesses. As more information is released, I will update the blog post.

1. Cut in National Insurance Contributions

Perhaps the biggest announcement to come out of the Autumn Statement, was that from January 6th, 2024, the rate for Class 1 Primary National Insurance Contributions will reduce from 12% to 10%. This will affect all employees with category letters A, F, H M and V with earnings between the Primary Threshold and the Upper Earnings Limit.

2. Cut in taxes for Self-Employed

From April 6th, 2024, Class 2 self-employed National Insurance Contributions will be scrapped – self-employed workers will no longer pay the contributions that have been a flat rate of £3.45/week.

It was also announced that there will be a reduction in the rate for Class 4 self-employed National Insurance Contributions from 9% to 8% on profits over £12,570.

3. Increase in National Living Wage

The National Living Wage will increase to £11.44/hour from April 1st, 2024. It will also apply to anyone who is 21 years old and up, instead of those over 23 years of age. The National Minium Wage will also see increases – for 18-20 year olds it will go up to £8.60/hour, for under 18’s it will go up to £6.40/hour, and apprentices will get £6.40/hour.

4. All other tax thresholds remain frozen

All other tax thresholds will remain frozen at their current rates. This will mean that despite the tax breaks, more people will be paying tax as they move up into the higher tax bands.

5. Business rates discount extended

The business rates discount of 75% for retail, hospitality and leisure businesses in England has been extended for another year.

6. “Full expensing” tax break made permanent

The tax break that allows companies to deduct spending on qualifying new machinery and equipment from profits all in one go has now been made permanent.

7. Changes to MTD ITSA

Changes to how MTD ITSA will work were announced during the Autumn Statement. Businesses and landlords with income below £30,000 will be exempt and the requirements for submitting quarter updates are going to be simplified. I will do a separate blog post about MTD ITSA once further details have been released.

You can read the official government document about the Autumn Statement here.

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