Rishi Sunak, Chancellor of the Exchequer, announced the Autumn Budget on 27th October 2021.
So, what does it all mean for you and your business? Here are the key points:
- From 2023, every business will be able to make property improvements, e.g., extra rooms in a hotel, adding air conditioning to an office, and pay no extra business rates for 1 year.
- 50% business rates discount for eligible businesses in retail, hospitality, and leisure, up to a maximum of £110,000.
- The Recovery Loan Scheme has been extended by 6 months, now ending 30th June 2022.
- The annual investment allowance limit’s temporary increase of £1m has been extended to March 2023. This means that businesses will be able to continue claiming Annual Investment Allowance on qualifying assets up to the value of £1 million within a single year.
- Research and development (R&D) investment will see an increase to £20bn in 2024-2025. However, the previous £22bn commitment has been delayed by two years, now due 2026-2027.
- National Living Wage to increase to £9.50ph next year.
Of course, a huge amount was covered, with the full document totalling over 200 pages. (You can read it in full here, or the announcement transcript here.) There’s no doubt that this seemed a refreshingly positive budget, though not without its criticisms. And although we’re not out of the woods just yet, progress is being made.
Not quite clear on how this affects you? Contact our friendly team today. We pride ourselves on being accessible, understandable, and reliable, saving you time, money, and effort.