Co-presidents column: What can be expected after the Autumn budget?

Whilst we approach the end of another year with the country still recovering from Brexit and Covid-19, the cost of living crisis has been the severe impact this year resulting on lower economic growth, writes ABCC Co-president Amina Hussain.

Following on from the Autumn budget, the Chancellor has announced various changes. So what does this mean for you as business owners and as individuals?

The income tax will be reduced by 1 per cent bringing some positive news for basic income taxpayers.

Unfortunately, higher tax rate payers earning more than £125,140 will get taxed at 45 per cent. Currently, this tax rate only applies to earnings over £150,000. These changes will take place from April 2023.

The national wage increase from April 2023 will be welcomed by the employees. The employers however, should start preparing now on ways to cover this minimum wage increase. It may be advisable for employers to review their revenue. The best way to increase those revenue is to match the inflation whilst retaining their customers/clients.

Shareholders will lose some of their tax-free allowance with only £1000 tax free allowance from April 2023.

Those who look to sell properties or assets must be mindful about benefitting from a tax free allowance of £6000, meaning that tax bills for selling assets will be increased. Currently the tax free allowance for Capital Gain is £12,300. This comes to affect from 6 April 2023.

A great opportunity will arise for first time buyers with not having to pay stamp duty on the purchase of a property up to £425,000. Take advantage of this!

There is no news yet from the Government regarding the 'Energy Bill Relief Scheme ' for business and organisations, but we are waiting for an update on this by 31 December 2022.

Amina Hussain is the ABCC Co-president and managing director of SME Outsourcing