The Autumn Budget has been much talked about in recent weeks with quite a few predictions, which didn’t come to fruition in the end. Not a huge amount of change for businesses, the budget focused more on the economy, government spending, duty changes and a reduction on the Universal Credit taper rate.
 
We are setting out the few business changes below for you.

Business Rates
The Retail, Hospitality and Leisure industries have seen no rates and significantly reduced rates over the last 18 months, and this is now continuing for the 2022-23 year with a further 50% reduction in rate bills up to a maximum of £100,000.
 
The chancellor also confirmed the government’s intention to retain and reform business rates.
 
National Minimum Wage
As expected, the national minimum wage will increase on the 1st of April 2022 to £9.50ph (a 6.6% increase), this is for workers over the age of 23 and scale rates will apply to those younger. We will notify those clients who will be affected by this change in March 2022, letting you know which employees are to change and by how much.
 
National Insurance increase
Although not part of the budget announcement, we realise we haven’t notified clients on this announcement made previously – although with how much it was reported on, we are confident you are all very well informed!
 
National insurance contributions for employees, employers and self-employed will all increase by 1.25% on 6th April 2022.
 
The extra funds will go towards the NHS and social care in the UK specifically.
 
That’s it! If you require any further details on the above summary or have any questions at all then please do contact the team.
 
Very Best
The DA Team