This was not an easy budget for small business owners to hear. The changes already announced for April 2022 are still coming: Corporation Tax from 1 April 2023 will increase between 19 and 25% depending on company profit. Dividend tax rate for basic rate taxpayers will increase in April 2022. National Insurance Contributions will also increase in April 2022and the National Living Wage will also increase in April 2022.
Chancellor Rishi Sunak did however announce a boost for struggling businesses with a five-point plan to retain and modify business rates in England.
For a succinct and helpful round-up of all the Chancellor’s announcements, please read our easy-to-digest report. Autumn Budget 2021
If you have any questions or concerns arising from these announcements, please do get in touch.