TL;DR:

• Employer NICs rising to 15% from April 2025

• Business Asset Disposal Relief increasing to 14% by 2025

• National Living Wage rising to £12.21 in 2025

• 40% business rates relief for retail/hospitality

• Corporation tax stable at 25%

The latest Autumn Budget introduces significant changes affecting small businesses. Here's your comprehensive breakdown:

Employer NIC & Employment Changes

• Employer NICs increasing to 15% (April 2025)

• New NIC threshold reduced to £5,000

• Employment Allowance doubled to £10,500

• National Living Wage rising to £12.21/hour

• Youth wage (18-20) increasing to £10.00/hour

Tax Relief & Investment

• Corporation tax remains at 25%

• Full expensing capital allowance continues

• Annual Investment Allowance maintained

• R&D funding protected at £20B

• £6.1B allocated for core engineering and biotech

Business Asset Disposal Relief

• Current 10% rate maintained for 2024

• Increasing to 14% in April 2025

• Further rise to 18% in 2026-27

• £1M lifetime limit remains

• Impacts business sale planning

Sector-Specific Support

• 40% business rates relief for retail/hospitality/leisure

• £110,000 maximum relief cap

• Aerospace sector receiving £1B funding

• Automotive industry getting £2B for EVs

• £520M for life sciences and manufacturing

Creative Industry Updates

• 39% Audio-Visual Expenditure Credit for VFX

• 53% tax credit for UK films under £15M

• Theatre tax relief at 40% (non-touring)

• 45% relief for touring productions

• Museums and galleries relief adjusted

Remember: Most significant changes take effect from April 2025. Consider consulting with financial advisors to plan for these upcoming changes effectively.

Data source: UK Government Autumn Budget Statement 2024

[Note: All figures and dates are based on official announcements]