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Small Businesses - A Reminder of the Autumn Budget 2024

Updated: Nov 14



1.Small business support and funding

The UK Shared Prosperity Fund will provide £900 million in funding in 2025/26. This transitional arrangement will provide stability ahead of wider local growth funding reforms.


The Government will simplify the wider local authority funding landscape, reducing the number of grants and consolidating them into the Local Government Finance Settlement.

A Small Business Strategy Command Paper, which will set out the Government's vision for small business support, will be published in 2025.

Over £200 million will be provided to Growth Hubs in England and the Help to Grow: Management programme in 2025/26.

In 2024/25 and 2025/26, over £1 billion will be provided to the British Business Bank to improve small businesses' access to finance. This will include over £250 million each year for Start-up Loans and the Growth Guarantee Scheme.

The Made Smarter Innovation programme will be extended, and funding for the Made Smarter Adoption programme will double to help more small manufacturing businesses adopt advanced digital technologies.

The Long-Term Plan for Towns will be retained and reformed into a new regeneration programme.


2. Taxes and wages

From 6 April 2025, Employer National Insurance contributions will increase from 13.8% to 15%. The threshold at which employers start paying National Insurance will be lowered from £9,100 to £5,000.

The Employment Allowance will increase from £5,000 to £10,500, and the £100,000 threshold will be removed.

The lower rate of Capital Gains Tax has risen from 10% to 18%, and the higher rate from 20% to 24%.

Income tax and National Insurance thresholds will be frozen until 2027/28 and will rise with inflation from 2028/29.

In 2025/26, fuel duty will be frozen.

The Government will maintain the Corporation Tax Small Profits Rate and marginal relief at their current rate and thresholds.

The £1 million Annual Investment Allowance will remain in place to provide the certainty businesses need to invest.

From April 2025, the National Living Wage for people aged 21 or older will rise by 6.7% to £12.21 per hour. The National Minimum Wage for people aged between 18 and 20 will increase by 16.3% to £10 per hour. The hourly rate for apprentices will increase from £6.40 to £7.55.


3. Business rates

In 2025/26, the small business multiplier will be frozen in England.

In England, the 75% discount to business rates that was due to expire in April 2025 will be replaced by a 40% discount.

The Government will consult with businesses to create a fairer business rate system.From 2026/27, business rates for retail, hospitality and leisure properties will be lowered to level the playing field for the high street.


Thank you for your ongoing support of the Northfield Town Centre BID. If you have any concerns or enquiries, please contact our BID officers, who are available Monday through Friday, 9 am to 5 pm.


Marcia Greenwood, Northfield BID Town Centre Manager

07921 818828

 

Tony Adams, Northfield BID Operations Support Officer/BID Caretaker

07809 904925

 

High Street Security Officer Contractor

(Sabre Commercial Protection)

07751 645712

 

DISCLAIMER

 

Whilst every effort has been given to ensure that the information contained within this publication is correct, Northfield Town Centre BID Ltd cannot be held responsible for any errors or omissions contained within.  No part of this publication may be reproduced without the express consent of its publishers, including any advertisement originating as part of the production process.

 

Manuscripts, photographs, and other materials submitted to the publications are sent at the owner’s risk.  Neither the company nor its agents accept any liability for loss or damage.  Some products in this newsletter may be represented or similar products available in retail stores, and any stock illustrations are subject to availability.

 

The Northfield BID newsletter published by Northfield Town Centre BID Ltd.  Northfield BID Board of Directors does not necessarily endorse the views expressed or the editorial content.  Additionally, Northfield Town Centre BID Ltd is not responsible for the performance of goods or services provided by implementing any ideas or activities suggested in this newsletter, which are entirely at an individual’s discretion and risk.

 

Northfield Town Centre BID Limited

C/o Northfield Baptist Church

789 Bristol Road South

Northfield

Birmingham B31 2NQ

 

 

Registered in England: 7889072 Registered as VAT number: 130 9752 18

Registered office: c/o 789 Bristol Road South, Northfield, Birmingham B31 2NQ

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