Chancellor Jeremy Hunt unveiled the government's Autumn statement today - and it was great news for business. His strategy is to reduce taxation on businesses to bring down inflation and kick-start the economy.
Here are our MD Rechenda's view for businesses in East Anglia:
"All-in-all the measures revealed in Jeremy's budget is good news for businesses in our region. I was personally pleased to see an extension to small business rate relief, a national insurance rate cut and the ‘full expensing’ business tax break being made permanent.
"I would have liked to see an overall reduction in the corporation tax rate and investment into the creative industries. However, it was encouraging to see key industries in East Anglia set to see a boost include tourism and hospitality, retail, manufacturing and engineering, and clean energy. The less tax they pay, the more money they have available to invest in marketing, innovation, development and growth."
Minimum wage rates will increase to £11.44 an hour for over 23s, and to £8.60 an hour for 18-20-year-olds (relevant if you have employees on the minimum wage)
National Insurance rates will be cut from 12% to 10% from 6th January 2024
Small business rate relief is being extended for another year
Retail, hospitality and leisure businesses will get a one-year business rate discount extension of 75% on business rates up to £110k
A freeze on alcohol duty until next Autumn will benefit hospitality businesses
A £50m investment in apprentices in engineering and other areas where there are shortages will be made
Faster planning permissions for businesses looking to expand will take place
R&D investments will be made into innovation industries including sustainability, AI, film and TV, life sciences
There will be a £4.5b support until 2030 in the automotive sector, manufacturing, aerospace, life sciences and energy sectors
There will be continued tax relief for freeports (aka Felixstowe and Harwich)
Housebuilding in Cambridge set to see a boost with news announced that £32m will be earmarked for new housing quarters in Cambridge, London and Leeds
The ‘full expensing’ business tax break has been made permanent, meaning for every £1 you invest in IT, machinery and equipment, you can claim back 25p in corporation tax.
For every £1m a business invests, they will get a £250k investment relief (fabulous, but I only know a handful of businesses that have this amount available to invest)
Here at Nurture Marketing we are members of the Federation of Small Businesses and Norfolk Chambers of Commerce, and are committed to championing business growth across East Anglia.