{"id":3547,"date":"2023-11-23T12:13:00","date_gmt":"2023-11-23T12:13:00","guid":{"rendered":"https:\/\/avask.com\/?p=3547"},"modified":"2024-03-04T14:46:06","modified_gmt":"2024-03-04T14:46:06","slug":"autumn-statement-uk-key-announcements","status":"publish","type":"post","link":"https:\/\/avask.com\/autumn-statement-uk-key-announcements\/","title":{"rendered":"Autumn Statement 2023: Key Announcements for UK Businesses"},"content":{"rendered":"\n<p>UK Chancellor Jeremy Hunt has delivered his&nbsp;<a href=\"https:\/\/www.gov.uk\/government\/publications\/autumn-statement-2022-documents\/autumn-statement-2022-html\" target=\"_blank\" rel=\"noreferrer noopener\">Autumn Statement<\/a>&nbsp;to MPs on 22<sup>nd<\/sup>&nbsp;November 2023, in which he declared Britain\u2019s economy is \u2018\u2018back on track\u2019\u2019 but \u2018\u2019the work is not done\u2019\u2019. &nbsp;<\/p>\n\n\n\n<p>The Autumn Statement is an update on the government\u2019s plans for the economy based on the latest forecasts from the&nbsp;<a href=\"https:\/\/obr.uk\/\" target=\"_blank\" rel=\"noreferrer noopener\">Office for Budget Responsibility<\/a>&nbsp;(OBR). It defines the government\u2019s plans to help rebuild the economy, reduce debt, and restore the UK\u2019s credibility with international markets. But how does this budget affect UK businesses?&nbsp;<\/p>\n\n\n\n<p>In this blog we highlight the main points from the Autumn Statement which affect UK businesses, with analysis from Christine Lawless, one of our experts in the AVASK Accounting department.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/avask.com\/autumn-statement-uk-key-announcements\/#Taxes\" title=\"Taxes\">Taxes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/avask.com\/autumn-statement-uk-key-announcements\/#Cost_of_living_support\" title=\"Cost of living support&nbsp;\">Cost of living support&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/avask.com\/autumn-statement-uk-key-announcements\/#Additional_pledges\" title=\"Additional pledges\">Additional pledges<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-taxes\"><span class=\"ez-toc-section\" id=\"Taxes\"><\/span>Taxes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>National Insurance contributions to be cut by&nbsp;<strong>2%&nbsp;<\/strong>to a new rate of 10% as of 6 January&nbsp;<strong>2024<\/strong><\/li>\n\n\n\n<li>Class 2 National Insurance contributions to be&nbsp;<strong>abolished<\/strong>&nbsp;for the self-employed, saving the average worker around \u00a3192 a year<\/li>\n\n\n\n<li>Class 4 National Insurance contributions to be cut from&nbsp;<strong>9%<\/strong>&nbsp;to&nbsp;<strong>8%<\/strong><\/li>\n\n\n\n<li>Temporary tax break known as \u2018full expensing\u2019 aimed at allowing businesses to offset any investments has been&nbsp;<strong>extended indefinitely<\/strong><\/li>\n<\/ul>\n\n\n\n<p><em><strong>Christine Lawless:&nbsp;<\/strong><\/em><strong>&nbsp;<\/strong><\/p>\n\n\n\n<p><em><strong>Whilst there has been little support this time around in reduction to taxes for businesses, the various tax cuts for employees and self-employed individuals will boost the economy, ease inflationary pressure, and incentivise public spending. It was thought that reductions to inheritance taxes and income taxes may have been announced in this statement, however, this has been potentially moved to Spring now.<\/strong><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cost-of-living-support-nbsp\"><span class=\"ez-toc-section\" id=\"Cost_of_living_support\"><\/span>Cost of living support&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>National Minimum Wage will be increasing from \u00a310.42 to&nbsp;<strong>\u00a311.44<\/strong>&nbsp;per hour from&nbsp;<strong>April 2024<\/strong>&nbsp;for ages&nbsp;<strong>21<\/strong>&nbsp;and over.<\/li>\n\n\n\n<li>The National Living Wage will be increased by \u00a31.11 to&nbsp;<strong>\u00a38.60<\/strong>&nbsp;per hour from April&nbsp;<strong>2024<\/strong>&nbsp;for ages&nbsp;<strong>18-20<\/strong>.<\/li>\n\n\n\n<li>Universal Credit will rise in line with September\u2019s inflation figure of&nbsp;<strong>6.7%<\/strong>&nbsp;from next April. Universal Credit will benefit next year by around&nbsp;<strong>\u00a3800<\/strong>.&nbsp;<\/li>\n\n\n\n<li>State pension to rise to&nbsp;<strong>8.5%<\/strong>&nbsp;from April&nbsp;<strong>2024,&nbsp;<\/strong>in line with the triple lock commitment, worth up \u00a3900 a year.<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Christine Lawless:&nbsp;<\/strong><\/em>&nbsp;<\/p>\n\n\n\n<p><strong>The increased minimum wage along with new guidelines to be laid out for those that qualify for universal credits should incentivise many more to search for employment and therefore boosting the workforce and in return the economy. Furthermore, the increase in income across the board will boost spending.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-additional-pledges\"><span class=\"ez-toc-section\" id=\"Additional_pledges\"><\/span>Additional pledges<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>Treasury has announced a \u00a3320m plan to help unlock pension fund investment for technology and science schemes<\/li>\n\n\n\n<li>Alcohol duty has been frozen until August 2024<\/li>\n\n\n\n<li>A 75% discount on business rates has been extended for retail, leisure and hospitality businesses<\/li>\n\n\n\n<li>\u00a34.5bn has been committed to green technology in a bid to keep Britain at the forefront of the global transition to net zero<\/li>\n\n\n\n<li><\/li>\n<\/ul>\n\n\n\n<p><em><strong>Christine Lawless:<\/strong><\/em>&nbsp;<\/p>\n\n\n\n<p><em><strong>Attention has been particularly paid to continuing to boost the businesses hit hardest in covid such as retail, leisure, and hospitality. There is also shown to be longer term growth plans for the country with attention and focus on technology and science.<\/strong><\/em><\/p>\n\n\n\n<p>If you have any questions, please&nbsp;<a href=\"https:\/\/www.avaskgroup.com\/contact-us\/\">contact<\/a>&nbsp;AVASK today. You can also telephone us on:<\/p>\n\n\n\n<p>+44 (0)23 8060 0120 or email:&nbsp;accounts@avaskgroup.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UK Chancellor Jeremy Hunt has delivered his&nbsp;Autumn Statement&nbsp;to MPs on 22nd&nbsp;November 2023, in which he declared Britain\u2019s economy is \u2018\u2018back on track\u2019\u2019 but \u2018\u2019the work is not done\u2019\u2019. &nbsp; The Autumn Statement is an update on the government\u2019s plans for the economy based on the latest forecasts from the&nbsp;Office for Budget Responsibility&nbsp;(OBR). It defines the [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":3603,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[93],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v22.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Autumn statement UK: key announcements for businesses<\/title>\n<meta name=\"description\" content=\"Main points from the Autumn Statement in November 2023 affecting UK businesses, with analysis from AVASK.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/avask.com\/autumn-statement-uk-key-announcements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Autumn Statement 2023: Key Announcements for UK Businesses - 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