Welcome to the Autumn Budget 2024, where we’ll be keeping you up to date on the announcements affecting small businesses.
Chancellor Rachel Reeves is unveiling her first Budget, with little revealed so far. However, it has been reported that tax cuts and spending rises could total up to £40 billion.
You can watch the Budget on BBC iPlayer, the BBC News website or on parliamentlive.tv
Autumn Budget 2024 and how it affects small businesses
National Minimum Wage increase
Before the Budget, Labour confirmed that the National Minimum Wage would be increasing by £12.21 (a 6.7 per cent increase) for adults over 21 from April 2025. For 18-20-year-olds, the minimum wage will go from £8.60 to £10. Meanwhile, apprentice wages will rise from £6.40 to £7.55 per hour.
Autumn Budget 2024 live blog
13:26: Providing additional funding to tackle gangs in shoplifting and removing immunity for minor shoplifting.
13:15 Corporate tax roadmap. Cap Corporation Tax at 25 per cent. Will maintain full expensing and R&D relief.
13:14: From 2026/27 – introduce two permanently lower business rates for retail, leisure and hospitality. 40 per cent relief on business rates for 24/25. Small business tax multiplier frozen from next year.
Alcohol Duty will go up for drinks not on draft in line with the retail price index (RPI). Draft beverages duty will cut. A ‘Penny off a pint in the pub’, as Reeves says.
Company car tax incentives for electric vehicles will be maintained.
13:11: AIM market sales will get 50 per cent tax relief.
13:11: Reform Agricultural Property Relief and Business Property Relief. From April 2026, the first £1 million of combined business and agricultural assets won’t be subject to IHT. For assets over £1m, there will be 50 per cent relief, at an effective rate of 20 per cent.
13:09: IHT thresholds will be frozen until 2030.
13:09: EIS and SEIS extended.
13:08: Business Asset Disposal will remain at 10 per cent, then to 14 per cent
13:07: Capital Gain Tax – increase lower rate from 10 per cent to 18 per cent and higher form 20 per cent to 24 per cent.
13:06: Increasing employment allowance to £10,500.
13:04: Increase in Employers NI by 1.2 per cent to 15 per cent from April 2025. Reduce secondary threshold to £5,000.
13:02: Fuel Duty frozen for another year.
13:00: Increased protection for workers from unfair dismissal, plus improved parental rights.
12:57: National Living Wage confirmed to increase 6.7 per cent from April 2025 for adults over 21. 18-20-year-olds will be entitled to £10 an hour.
12:56: Government will modernise HMRC systems and clamp down on umbrella companies.
12:50: Providing opportunities for SMEs as well as measures affecting R&D.
12:49: Creating Skills England.
12:48: OBR will publish growth forecast for 10 years. CPI inflation will average 2.5 per cent this year, 2.6 per cent in 2025, then 2.3 per cent in 2026, 2.1 per cent in 2027, 2.1 per cent in 2028 and 2 cent in 2029. Real GDP growth will be 1.1 per cent in 2024, 2 per cent in 2025, 1.8 per cent in 2026, 1.5 per cent in 2027, 1.5 per cent in 2028, and 1.6 per cent in 2029.
12:46: Government will maintain inflation target of 2 per cent.
12:36: Reeves says the only way to growth is ‘invest, invest, invest’.
Read more on Autumn Budget 2024
Autumn Budget 2024 – what’s in it for small businesses? – Ahead of the Autumn Budget 2024, we take a look at the announcements that Chancellor Rachel Reeves might make that affect small businesses
