Autumn Statement 2023
23.11.2023
With the cost of living crisis still very much impacting upon many people here in the UK, Jeremy Hunt yesterday rolled out his Autumn Statement.
For Individuals
The major changes here was in respect of national insurance. From 6th April 2024 the self-employed will no longer be required to pay the flat rate Class 2 national insurance (NI) payments presently set at £3.45 per week. The self-employed Class 4 national insurance rate will also fall from 9% to 8% from the same date. As for those who are employed the present Class 1 employees rate of 12% will drop to 10% from 6th January 2024.
For Business
On the business rates front, the small business multiplier will be frozen for a fourth consecutive year. The retail, hospitality and leisure sectors will continue to benefit from the 75% business rates relief.
There are lots of opportunities and issues to consider following this Statement for businesses, individuals and families. We are here ready to help. We believe it’s important to discuss all plans you are considering before taking any action and so if you would like to see how the 2023 Autumn Statement changes might affect you, your family and your business, why not contact Ifan Lloyd on illoyd@idhaccountancy.com or 020 3411 4401 who will arrange for us to have that conversation.