In the face of yesterday's announcement, here are my two key takeaways that will be of particular interest to small business owners:

- Class 2 National Insurance contributions (NICs) will be abolished from April 2024. This means you will no longer have to pay a flat rate of £3.45 per week if your profits are above £6,515 per year. Instead, you will only pay Class 4 NICs, which are based on a percentage of your profits. ??

- The minimum wage will increase from £10.18 for 21 and 22-year-olds and £10.42 for those aged 23 and older, to £11.44 per hour for all workers aged 21 and older from April 2024. Rates for apprentices will also rise, from £5.28 to £6.40 per hour. If you employ anyone in this age group, now is the time to plan for these changes, and to make sure you adjust your payroll accordingly. ??

This will all have an impact on your tax liability and cash flow, so it's important to plan ahead and seek professional advice if needed. ??

Has the Autumn budget inspired you to get your business finances up-to-date, clear and visible? I’ve got some availability for migrations and bookkeeping health checks in December. Do contact me for a no-obligation chat about how you can get your business admin in order.