Annual Investment Allowances

Businesses will be able to claim full tax relief on investment into IT and machinery.

Every £1 spent will save 25p of CT (Corporation Tax).

The National Living Wage

The National Living wage for workers aged 21 and over, will be £11.44 an hour, from April 2024.

Class 1 NIC

10% of Class 1 NIC will be payable on wages between £12,750 and £50,268 from 6 Janaury 2024.

Class 2 NIC to be abolished

Self Employed individuals will not need to pay Class 2 NIC from Tax Year 2024-25.

Class 4 NIC

8% of Class 4 NIC will be payable by Self Employed business owners.

Reduced planning permission time for growing businesses 

To cut the time it takes in waiting for planning applications to be granted for businesses, the government will allow local authorities to recover the full costs if they can meet guaranteed faster timelines. If the faster timeline is not delivered, the business who submitted the application will be refunded in full and their application processed free of charge. 

Business rate relief extended 

The government will freeze the small business multiplier for a further year, and there will continue to be a bespoke business rate discount for the hospitality, retail and leisure sectors worth £4.3bn. Businesses that fall into one of these categories will receive a 75% discount on business rates up to £110,000. 

Triple lock pension rise

From April 2024 the government will increase the full new state pension by 8.5% to £221.20 a week, worth up to £900 more a year. Moreover, the Chancellor will be consulting on whether employees can have the right to request an employer pays into an existing pension pot.