Budget 2025: What’s in it for Businesses?

Click here to read the full Whitings 2025 Budget Analysis and Commentary

The focus of Budget 2025 has been upon the ever-expanding financial black hole and the methods that should be employed to fill this, but at the same time ensuring that the government’s pledge of maintaining and enhancing public services continues.

What Does This Mean to Business?

The rate of Corporation Tax remains the same at 25% for the main rate and 19% for the small companies rate.

For those businesses who acquire qualifying plant and machinery, they will continue to be able to claim the beneficial capital allowance reliefs, however writing down allowances are to be reduced from 18% to 14%.

For employers they will need to be aware of the new National Living Wage of £12.71 per hour (equivalent to just under £25k pa for those on a 37.5 hour week), over the age of 21 with the National Minimum Wage increased to £10.85 per hour.

There are many more calls for evidence and documents and consultations to follow in the next few days and weeks, and we shall be working through these to understand the impact of what this will all mean.

We’re Here To Help

It’s a tough Budget for businesses but rest assured Whitings LLP are here to help you. For advice and guidance on your particular circumstances following the Autumn Budget, contact your local Whitings LLP office.

Disclaimer - All information in this post was correct at time of writing.