Autumn Budget Lowdown

21 November 2022

The Autumn budget was announced by Jeremy Hunt last week, it focused on 3 key areas stability, growth and public services. 

We have summarised a few of the main points: 

 

Tax 

- Personal allowance will stay at £12,570 until 2028 

- Higher rate tax threshold will stay at £50,271 until 2028 

- Additional rate tax will be reduced from £150,000 to £125,140 

- The allowance for dividends that is tax free will be reduced to £1,000 in 2023, and then reduced again to £500 in 2024

- Annual Exempt Amount for Capital Gains Tax will be reduced to £6,000 from £12,300 in April 2023 and then again to £3,000 in April 2024 

- Employers NIC frozen until 2028 and employment allowance will remain at its new level of £5,000 until March 2026

- Electric vehicles will not be exempt from vehicle excise duty from April 2025 

- Previously announced cuts on Stamp Duty will remain but only until 31 March 2025 

 

Minimum Wage 

- The new hourly national minimum wage will increase from 1st April 2023, the new amounts are as follows: 

Apprentices - £5.28 

Age 16-17 - £5.28 

Age 18-20 - £7.49 

Age 21-22 - £10.18 

23 and over - £10.42 

This is still below the ‘real living wage’ which is £11.95 in London and £10.90 outside of London. 

 

Benefits 

Pensions, universal credit, disability benefits and other means tested benefits will increase in line with inflation by 10.1% in April 2023. 

 

The whole budget can be read on the gov website 

MTD ITSA: What Sole Traders & Landlords need to know for 2026

24 October 2025
Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA)

How the Bank of England’s rate cut could impact your construction or trade business

by PH186232 • 22 August 2025
The Bank of England has cut the base rate to 4%. Find out what this means for trades and construction businesses, from borrowing costs to cash flow.

MTD for Income Tax: What trades and construction businesses need to know

by PH186232 • 30 July 2025
If you're a sole trader or landlord earning over £50,000 a year, big changes are coming your way. From April 2026, you'll need to comply with Making Tax Digital for Income Tax (MTD for ITSA) and while that might sound like it's a long way off, it’s closer than it seems. At Books and Business, we work closely with those in the trades and construction sector, and we know that admin is rarely top of the to-do list when you're running jobs, managing quotes, and keeping customers happy. But this change will affect how you keep records and report your income, so starting early is key. Lets get into what MTD for ITSA means for your business and more importantly how we can support you every step of the way.