Autumn Budget 2026

Here are some important points from the October budget & how they may affect you & your business:

• The hourly national minimum wage will increase by 3.9% for employees, from 1^st April 2027, which will be to 13.21ph for employee’s who are 21 & over

• For 2027/28, the lower earnings limit for NI, will increase to 6,916 per year

• The threshold for small business rates relief has been increased, from 1^st April 2027

• The tax free trading allowance for individuals will increase to 3,000 from 6^th April

• The MTD expansion, to landlords & sole traders with qualifying income of 30,000, will go ahead as planned in April 2027

• The approved mileage allowance of 55p per mile, for the first 10,000 miles, will continue, rising to 35p per mile at >10,000 miles from 2027/28

• The income tax rate on rental income will increase to 22%, 42% or 47%, depending on if you are a lower, higher or additional rate taxpayer

• The income tax rate on savings income will increase to 24%, 44% or 49%, depending on if you are a lower, higher or additional rate taxpayer

If you have any questions on the proposed changes in the budget, please feel free to contact us, on 01530 414 285 or kayleigh@darceyandbateaccountants.co.uk