NMW, tax & allowances, BiKs & VED
He also announced support worth £13.6bn will be invested over the next five years to help firms with business rates. For consumers, the household energy price cap has been extended for one year beyond April.
Note that scheduled Government spending will be maintained until 2025.
How will payroll be affected? We'll take you through the following areas that have been impacted by the recent announcements:
Wages (NMW & NLW)
Tax & allowances
Benefits in Kind & Vehicle Excise Duty
Why not watch the webinar recording? Our payroll experts, Dylan Martinez and Ines Fernandes Da Silva have summarised the key updates from the announcement and the all-important implications for payroll.
The Chancellor announced changes to wage rates that will be effective 1 April 2023.Note that the National Minimum Wage is the minimum pay per hour almost all workers are entitled to by law. Use the National Minimum Wage calculator to check if you’re paying a worker the National Minimum Wage or if you owe them payments from past years.
Dividend allowance will be reducing from £2,000 to £1000 next year. This will half again in April 2023 to £500.
There's also some speculation relating to a possible 23% hike in fuel duty from March next year (equivalent to 12p per litre). This comes as a result of the temporary measure put in place by the government in March this year to reduce the fuel duty by 5ppl, this was meant to last until March 2023 only however we don't expect a decision on this to be made until the spring statement.