Chancellor of the Exchequer Rishi Sunak delivered the 2021 Autumn Budget on Wednesday 27th October 2021. Below is a summary of the key things that are changing, that will affect you and your business.
Wages
Minimum wages to rise from April 2022 to the following rates:
· Over 23’s to rise from £8.91 to £9.50 an hour
· 21-23’s to rise from £8.36 to £9.18 an hour
· 18-20’s to rise from £6.56 to £6.83 an hour
· 16-17’s to rise from £4.62 to £4.81 an hour
· Apprentice rate to rise from £4.30 to £4.81 an hour
Public sector workers will be allowed pay rises again from April 2022, following the ‘pause’ on public sector pay imposed last November.
Businesses & Finances
· 50 per cent discount on business rates for retail, hospitality, and leisure businesses up to a maximum of £110,000
· A new business rates relief from 2023 to support investment in property improvements. No business will face higher business rates bills for 12 months after making qualifying improvements to their property.
· ‘Recovery Loan Scheme’ has been extended until 30th June 2022
· National Insurance Contributions on pay over £9,568 to rise from 12% to 13.25% from April 2022
· VAT rates to return to 20% after being reduced to 5% and then 12.5% during the pandemic
· Online sales tax to be discussed
Read the full speech here: https://www.gov.uk/government/speeches/autumn-budget-and-spending-review-2021-speech