{"id":10282,"date":"2021-11-01T11:44:45","date_gmt":"2021-11-01T11:44:45","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?p=10282"},"modified":"2026-01-29T09:34:01","modified_gmt":"2026-01-29T09:34:01","slug":"autumn-budget-business-announcements","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/autumn-budget-business-announcements\/","title":{"rendered":"Autumn Budget 2021: What the announcements mean for your business"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tMoney Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tAutumn Budget 2021: What the announcements mean for your business\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tKeir Thomas-Bryant<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

Interested in what the recent Autumn Budget means for your business in the coming tax year (2022\/23)?<\/p>\n\n\n\n

In this article, we take a look at what was discussed by the Chancellor on 27 October 2021, and pick out the vital nuggets for businesses.<\/p>\n\n\n\n

The hot take is that, outside of a few headline changes that could have major impacts for certain businesses, this wasn’t a budget delivering earthquake changes. But despite that, it’s worth learning about what’s new, changed or stayed the same.<\/p>\n\n\n\n

Many measures announced in the Spring Budget, delivered in March 2021, continue to resonate. You might be interested in taking a look at the Sage Advice coverage from that time<\/a>.<\/p>\n\n\n\n

Here’s what we cover in this article:<\/p>\n\n\n\n

Business rates<\/a><\/p>\n\n\n\n

Corporation tax<\/a><\/p>\n\n\n\n

VAT<\/a><\/p>\n\n\n\n

Wages and payroll<\/a><\/p>\n\n\n\n

Transport for business<\/a><\/p>\n\n\n\n

Recovery Loan Scheme<\/a><\/p>\n\n\n\n

Other measures in the Autumn Budget 2021<\/a><\/p>\n\n\n\n

Final thoughts on the Autumn Budget<\/a><\/p>\n\n\n\n

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Download your free guide, 7 ways to take control of your business, and take steps now to master your business admin <\/a><\/div>\n<\/div>\n\n\n\n

Business rates<\/h2>\n\n\n\n

Two new business rate reliefs grabbed some headlines following the budget.<\/p>\n\n\n\n

For 1 April 2022 to 31 March 2023, a new business rates relief of 50% can be used by eligible retail, hospitality and leisure businesses. This is capped at \u00a3110,000 per business.<\/p>\n\n\n\n

From the 2023\/24 tax year onwards, a 100% business rates relief will be available to eligible businesses (not just retail, hospitality and leisure). To qualify, businesses will have to have made eligible improvements. The relief rate will last for 12 months following the investment.<\/p>\n\n\n\n

However, the government is still consulting around this, so expect more details in further Budget statements across 2022.<\/p>\n\n\n\n

Other than this, the business rates multipliers for 2022\/23 are once again frozen at 49.9p and 51.2p, respectively.<\/p>\n\n\n\n

Don’t forget that the coronavirus business rates holiday for retail and leisure businesses continues.<\/p>\n\n\n\n

In June 2021, the 100% discount ended but was replaced by a 66% discount until April 2022 (up to a maximum of \u00a32m, or \u00a3105,000 if the business was permitted to open following the coronavirus lockdown that began on 5 January 2021).<\/p>\n\n\n\n

What this means for your business<\/h3>\n\n\n\n

Once again retail, hospitality and leisure businesses receive help following the coronavirus disruption, not to mention after being impacted by other national issues such as the supply chain shortage and recruitment problems.<\/p>\n\n\n\n

The government says these relief measures also have an eye on helping businesses reach a net-zero target.<\/p>\n\n\n\n

The goal here is clearly to encourage such businesses to not just carry on trading but to give them space to improve and expand. As such, if you’ve been planning on making extensions or improvements to your establishment then doing so following the start of the 2023 tax year might be worth it.<\/p>\n\n\n\n

Of course, you shouldn’t forget that those same improvements could mean a higher business rates bill once the relief ends. Seek expert advice where required.<\/p>\n\n\n\n\n\n

Corporation tax<\/h2>\n\n\n\n

Outside of a headline change in Bank Corporation Tax Surcharge for banks, no corporation tax changes were announced in this budget.<\/p>\n\n\n\n

This is largely because the Chancellor already outlined major changes in the Spring budget earlier this year. These will take effect as of April 2023.<\/p>\n\n\n\n

We discussed that in our Sage Advice coverage at that time<\/a>, but in summary:<\/p>\n\n\n\n