Simpson Wood Limited Autumn Statement 2022

BUSINESS TAXES Employer NICs The level at which employers start to pay employer NICs for their employees will remain at the current £9,100 until April 2028. The employment allowance will stay at £5,000. Value added tax (VAT) The VAT registration and deregistration thresholds will stay at their current levels of £85,000 and £83,000 respectively for a further two years from 1 April 2024. Business rates Business rate bills in England will be updated from 1 April 2023 to reflect property values on 1 April 2021. Transitional relief over the next five years will support businesses as they move to their new bills. Business rates multipliers will be frozen in 2023/24 at 49.9p and 51.2p, avoiding potential increases to 52.9p and 54.2p. Support for eligible retail, hospitality and leisure businesses will be extended and increased from 50% to 75% business rates relief up to £110,000 per business in 2023/24. Increases in the bills will be capped at £600 a year from 1 April 2023 for the smallest businesses that lose eligibility or see reductions in the supporting small business scheme or rural rate relief. The improvement relief announced in the Autumn Budget 2021 will now be introduced from April 2024 and will be available until 2028. The relief is aimed at ensuring that ratepayers do not see an increase in their rates for 12 months as a result of making qualifying improvements to a property they occupy. Online sales tax (OST) Following consultation, the government has decided not to introduce an OST, an idea put forward as an equivalent to business rates for online businesses. 7 17 November 2022 l AUTUMN STATEMENT