Downloadable cheat sheet

Preparing for Autumn
Budget 2024’s changes

The Autumn Budget 2024 will lead to tighter profit margins for businesses
already feeling the pinch.

So, how can you face the challenge of rising costs while staying financially strong?

In this short guide, we’ll outline:

  • What budget changes every business must prepare for
  • How spend management can improve your financial control
  • Why smarter spending is the key to building resilience
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Frequently Asked Questions

What is the UK Autumn Budget? 

The UK Autumn Budget or Autumn Statement is an annual financial statement delivered by the Chancellor of the Exchequer, detailing the government’s plans for economic policies, public spending, and taxation adjustments for the coming year. This Budget serves as an update on fiscal priorities and an opportunity to address emerging economic challenges.

When was the 2024 Autumn Budget announced?

The 2024 Autumn Budget was presented on October 30, 2024, by the new Labour Chancellor Rachel Reeves. The budget, or statement as it is sometimes referred to, outlined key fiscal changes and investment strategies intended to support households, businesses, and economic growth over the next year.

What major announcements were included in the Autumn Budget?

Key tax measures announced that businesses need to consider:

  • Increase in Employer National Insurance (NI): 
Starting April 2025, the rate that employers pay for NI will increase by 1.2%, from 13.8% to 15%.
  • Lower NI Threshold for Employers 
From April 2025, employers will start paying NI on salaries above £5,000 (previously £9,100). This means companies will begin paying NI sooner on each employee’s earnings.
  • Higher Employment Allowance 
Employers can claim up to £10,500 (up from £5,000) off their NI bill. Plus, more businesses are eligible as the £100,000 cap on total NI contributions is being removed.
  • Reduced Business Rates for Retail, Hospitality, and Leisure 
Starting in 2026, businesses in these sectors will see lower property rates.
  • Small Business Support on Rates In 2025-26 
Small businesses and high-street shops will benefit from £1.9 billion in support, including a freeze on the small business multiplier and a 40% discount on rates for qualifying properties up to £110,000.
How does the Autumn Budget affect businesses and finance teams? 

The Autumn Budget introduces several tax and regulatory changes impacting business planning:

Employer National Insurance Increase: This will raise the cost of employing workers, particularly affecting larger businesses.

Business Rates Relief: Temporary relief for retail, hospitality, and leisure sectors, aimed at helping businesses facing rising costs.

Investment Incentives: Funding for regional and digital infrastructure projects that could benefit businesses through enhanced logistics and digital accessibility.

When will the changes from the Autumn Budget take effect?

Most budgetary changes take effect at the start of the next fiscal year on April 1, 2025, though some provisions, such as energy support and specific tax changes, may start immediately. Other policies may be phased in over time or require further legislative approval.

Learn more

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