Autumn budget

November Budget – Updates which may affect you or your business

With the budget being announced yesterday, we wanted to share some important updates, we feel may affect our clients. These are as follows:

• From April 2026, the minimum wage for 18-20 year olds will rise to 10.85 per hour & to 12.21 per hour for over 21’s

• Employee’s National Insurance & Income tax thresholds will remain frozen for an additional three years than originally planned, to 2031, with a freeze also announced for Employer’s National Insurance thresholds too

• Dividend tax rates will rise from April 2026, with the new rates being 10.75% in the basic rate band & 35.75% in the higher rate band

• Tax charged on rental income & savings income will increase by 2% on all bands from April 2027

• From 2029, Salary sacrifice pension contributions over £2,000 will be subject to National Insurance

• Training for apprentices under 25’s will be made free for small & medium sized Companies

• The amount under 65’s can put into cash ISA/s has been capped at £12,000

• State pension payments will increase by 4.8% from the new tax year

• A new mileage based tax for electric vehicles & plug in hybrid’s is set to be introduced from 2028

  
  

If you have any queries on what the budget announcement may mean for you & your business, please email kayleigh@darceyandbateaccountants.co.uk or give us a call on 01530 414 285.