{"id":1327,"date":"2023-11-22T00:00:00","date_gmt":"2023-11-22T00:00:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/knowledge\/general\/autumn-statement-2023-what-it-means-for-small-businesses\/"},"modified":"2025-05-22T13:12:30","modified_gmt":"2025-05-22T13:12:30","slug":"autumn-statement-2023-what-it-means-for-small-businesses","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/business-news\/autumn-statement-2023-what-it-means-for-small-businesses\/","title":{"rendered":"Autumn Statement 2023 \u2013 what it means for small businesses"},"content":{"rendered":"\n<div class=\"wp-block-group alignfull is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"wp-block-paragraph\">Chancellor Jeremy Hunt has revealed the government\u2019s tax and spending plans for the year ahead. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At 12.30pm on 22 November 2023, Hunt delivered his Autumn Statement in the House of Commons. This is likely to be the government\u2019s last mini-budget ahead of a general election, which Prime Minister Rishi Sunak has indicated could be held in October next year. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Office for Budget Responsibility (OBR) has also released their latest economic outlook for the UK today. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Last week\u2019s news that inflation fell to 4.6 per cent in the year to October, down from 6.7 per cent for the previous month, encouraged some Conservative MPs to push for wider tax cuts ahead of today. And because of what\u2019s been referred to as \u2018fiscal headroom\u2019, the chancellor has indeed announced some tax cuts in today\u2019s statement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But what has been revealed that could affect small businesses and the self-employed? Keep reading to find out. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-updates-for-small-businesses\">Key updates for small businesses  <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While the <a href=\"\/knowledge\/general\/spring-budget-small-businesses\/\" data-type=\"knowledge\" data-id=\"1254\" >Spring Budget<\/a> focused on childcare expansion, here\u2019s a rundown of what the chancellor announced today:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"#national-insurance-reform\">National Insurance reform for the self-employed<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#business-rates-relief\">Business rates relief <\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#living-wage-increase\">Living wage increase <\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#late-payment-reforms\">Late payment reforms<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#business-tax-cuts\">Business tax cuts<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#alcohol-duty-frozen\">Alcohol duty frozen<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#simplified-research-relief\">Simplified R&amp;D relief<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#making-tax-digital\">Making Tax Digital update<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull is-layout-flow wp-block-group-is-layout-flow\" id=\"national-insurance-reform\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\" id=\"h-1-national-insurance-reform-for-the-self-employed\">1. National Insurance reform for the self-employed<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The chancellor has \u2018reformed and simplified\u2019 taxes paid by the self-employed. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He\u2019s abolished Class 2 <a href=\"\/knowledge\/self-assessment\/how-to-pay-national-insurance-when-self-employed\/\" data-type=\"knowledge\" data-id=\"1440\" >National Insurance<\/a> saving the average self-employed person \u00a3192 a year. Access to entitlements such as state pension and credits will be maintained in full.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Class 4 National Insurance has been cut to eight per cent for the self-employed earning profits between \u00a312,570 and \u00a350,270. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The current Class 4 rate is nine per cent for the self-employed earning profits between \u00a312,570 and \u00a350,270. It\u2019s two per cent on profits for anything over this. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hunt said, from April 2024 the cut to the initial rate by one percentage point will save the average self-employed person \u00a3350 a year.<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull is-layout-flow wp-block-group-is-layout-flow\" id=\"business-rates-relief\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\" id=\"h-2-business-rates-frozen-for-small-businesses\">2. Business rates frozen for small businesses <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Business rates are set to rise with inflation from next spring, however today\u2019s announcement saw the small business multiplier frozen for a further year. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The 75 per cent <a href=\"\/knowledge\/business-tax\/what-are-business-rates\/\" data-type=\"knowledge\" data-id=\"1560\" >business rates relief<\/a> for eligible retail, hospitality, and leisure businesses (up to \u00a3110,000 per business) has also been extended for 2024-25. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hunt said these plans hope to \u201crecognise the roles of pubs and high street shops in our communities\u201d.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<figure class=\"wp-block-image size-large size-full\"><img loading=\"lazy\" decoding=\"async\" height=\"328\" width=\"1024\" src=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/autumn-2023-budget.png?w=1024\" alt=\"Image showing Living Wage, business rates, and National Insurance changes\" class=\"wp-image-3374\" srcset=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/autumn-2023-budget.png 2445w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/autumn-2023-budget.png?resize=800,257 800w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/autumn-2023-budget.png?resize=768,246 768w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/autumn-2023-budget.png?resize=1024,328 1024w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/autumn-2023-budget.png?resize=1536,493 1536w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/autumn-2023-budget.png?resize=2048,657 2048w, https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/05\/autumn-2023-budget.png?resize=150,48 150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"margin-right:var(--wp--preset--spacing--60);margin-left:var(--wp--preset--spacing--60)\"><em>Three key updates for small businesses. Image credit: Simply Business<\/em><\/p>\n\n\n\n<div id=\"nba-body-001\">\n<\/div>\n\n<div class=\"wp-block-group alignfull is-layout-flow wp-block-group-is-layout-flow\" id=\"living-wage-increase\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\" id=\"h-3-living-wage-increase\">3. Living wage increase <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The government has already confirmed that the country\u2019s <a href=\"\/knowledge\/staff\/what-is-the-national-minimum-wage\/\" data-type=\"knowledge\" data-id=\"1588\" >national living wage<\/a> will increase in April 2024. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today Hunt confirmed it will increase to \u00a311.44 an hour for workers over 23, and be extended to include 21 and 22 year olds for the first time. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Small businesses with employees will need to make sure they\u2019re complying with the latest rates of pay for staff. <\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Poll: do you think the government has done enough in its Autumn Statement to support small business owners? <a href=\"https:\/\/twitter.com\/hashtag\/AutumnStatement?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"noopener noreferrer\" target=\"_blank\">#AutumnStatement<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/AutumnStatement2023?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"noopener noreferrer\" target=\"_blank\">#AutumnStatement2023<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BusinessNews?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"noopener noreferrer\" target=\"_blank\">#BusinessNews<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/SmallBusinessOwner?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"noopener noreferrer\" target=\"_blank\">#SmallBusinessOwner<\/a><\/p>&mdash; Simply Business (@simplybusiness) <a href=\"https:\/\/twitter.com\/simplybusiness\/status\/1727341327854305787?ref_src=twsrc%5Etfw\" rel=\"noopener noreferrer\" target=\"_blank\">November 22, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull is-layout-flow wp-block-group-is-layout-flow\" id=\"late-payment-reforms\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\" id=\"h-4-late-payment-reforms\">4. Late payment reforms <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The government has promised to do more to crack down on companies paying SME invoices late. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"\/knowledge\/cash-flow\/government-tackles-late-payment-small-business\/\" data-type=\"knowledge\" data-id=\"1391\" >Cash Flow and Prompt Payment Review<\/a> has already been published. And the Procurement Act means 30-day payment terms are extended to all subcontractor invoices within the supply chain for public sector contracts. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, any company bidding for large government contracts must demonstrate that they pay their own invoices within an average of 55 days. This will tighten to 40 days in April 2025 and 30 days in the years beyond that. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read more: <\/strong><a href=\"\/knowledge\/cash-flow\/could-ai-help-you-chase-unpaid-invoices\/\" data-type=\"knowledge\" data-id=\"1474\" >How to write a late payment letter \u2013 free template<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull is-layout-flow wp-block-group-is-layout-flow\" id=\"business-tax-cuts\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\" id=\"h-5-business-tax-changes\">5. Business tax changes<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A business tax break known as \u2018full capital expensing\u2019 has been made permanent. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This investment allowance reduces the corporation tax liabilities for businesses investing in the UK.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For every \u00a31 that a business invests in IT, machinery and equipment, they can claim back 25p in corporation tax.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In practice, this means businesses can deduct costs of these items from their profits to reduce the corporation tax they need to pay. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This tax break has been in place since April 2023, following the Spring Budget, and was set to end in 2026. It\u2019s now been made permanent, and Hunt said it\u2019s \u201cone of the most generous tax reliefs anywhere in the world.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This comes as 31 per cent of SMEs cite high taxes as one of their key concerns for running their business in 2023, according to the latest Simply Business <a href=\"\/knowledge\/business-news\/sme-insights-report-2023\/\" data-type=\"knowledge\" data-id=\"1530\" >SME Insights Report<\/a>. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read more: <\/strong><a href=\"\/knowledge\/business-tax\/when-is-corporation-tax-due\/\" data-type=\"knowledge\" data-id=\"1592\" >What is corporation tax and when is it due? <\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ahead of today\u2019s announcement, UK manufacturers were pushing for reforms to the business tax and regulatory system, according to a report in the Guardian. The industry says it wants changes to improve competitiveness and encourage research and innovation. <\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull is-layout-flow wp-block-group-is-layout-flow\" id=\"alcohol-duty-frozen\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\" id=\"h-6-alcohol-duty-frozen\">6. Alcohol duty frozen<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A temporary freeze on alcohol duty has been extended until 1 August 2024. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They\u2019ll announce the new alcohol duty rates in the Spring Budget next year. <\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div id=\"nba-body-001\" class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull is-layout-flow wp-block-group-is-layout-flow\" id=\"simplified-research-relief\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\" id=\"h-7-simplified-r-amp-d-relief\">7. Simplified R&amp;D relief <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">R&amp;D relief is a way for small businesses to reduce their tax liabilities by investing in research and development.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The government has confirmed that the current R&amp;D Expenditure Credit and the SME schemes will be merged from April 2024 in a hope to simplify the process for businesses. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read more about <a href=\"\/knowledge\/funding\/guide-to-r-and-d-tax-relief\/\" data-type=\"knowledge\" data-id=\"1393\" >how the self-employed can access R&amp;D relief<\/a>. <\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull is-layout-flow wp-block-group-is-layout-flow\" id=\"making-tax-digital\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\" id=\"h-8-making-tax-digital-update\">8. Making Tax Digital update<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It was previously announced that <a href=\"\/knowledge\/business-tax\/what-is-making-tax-digital\/\" data-type=\"knowledge\" data-id=\"1580\" >Making Tax Digital<\/a> (MTD) would come in later for the self-employed on lower incomes. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the full <a href=\"https:\/\/www.gov.uk\/government\/publications\/autumn-statement-2023\/autumn-statement-2023-html\" rel=\"noopener noreferrer\" target=\"_blank\">Autumn Statement document<\/a> included a tweak to these plans. The entry threshold of \u00a330,000 will be maintained \u2013 so small businesses with a gross total self-employment income of less than this a year won&#8217;t be required to use MTD.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The roll-out will continue from April 2026 for those with an income of more than \u00a350,000 a year. <\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" id=\"h-can-the-reforms-fortify-this-over-stretched-sector\">Can the reforms fortify this over-stretched sector?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Simply Business UK CEO Alan Thomas commented on the Autumn Statement: \u201cThe chancellor\u2019s rush of reforms for small businesses and self-employed people will be well received by many, but concerns remain around whether they can fortify this over-stretched sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cOur research revealed that an eye-watering \u00a332bn in late payments is owed to small businesses, and the chancellor\u2019s introduction of rules for firms bidding for government contracts do very little in the way of helping to recoup the thousands of payments still outstanding. The <a href=\"https:\/\/www.gov.uk\/government\/news\/government-takes-action-to-back-small-businesses-and-tackle-late-payments\" rel=\"noopener noreferrer\" target=\"_blank\">government<\/a> itself has said that paying small businesses on time could boost the economy by \u00a32.5 billion annually \u2013 yet decisive action has not been taken.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-welcome-update\">&#8216;A welcome update&#8217;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe business rates support package, particularly the extension of the business rate relief and freeze in the small business multiplier is a welcome update. But a rise in the standard rate multiplier has been described as \u2018disappointing\u2019 by industry leaders, who have pointed to the fact that hospitality businesses broadly operate out of larger premises.\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe chancellor also failed to commit to increasing energy support for small businesses. Over a quarter of SMEs are spending up to 40 per cent more on energy each month compared to last year. Many were forced to renew long-term contracts at the peak of the market, which has pushed their energy expenditure to levels unheard-of. With the rates now stabilising, the chancellor should review the assistance available to non-domestic users, with a clear focus on assisting smaller businesses in covering essential bills.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-small-businesses-are-being-held-back\">&#8216;Small businesses are being held back&#8217;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThousands of small businesses are being held back \u2013 not because of apathy or lack of ambition, but because of a set of circumstances which are stretching them to the limit. Nonetheless, in a show of determination which is so characteristic of this sector, our research found that three quarters of SMEs remain confident about the prospects for their business. The chancellor\u2019s aspiration to \u2018supercharge\u2019 the growth of the UK\u2019s SMEs has, for many, missed the mark.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-other-announcements\">Other announcements <\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">uprating the <strong>State Pension<\/strong> by 8.5 per cent in April 2024<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>boosting apprenticeships<\/strong> (particularly in engineering sectors)<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>simplying pension pots for employees<\/strong><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>increasing <\/strong><a href=\"\/knowledge\/funding\/universal-credit-for-the-self-employed\/\" data-type=\"knowledge\" data-id=\"1555\" ><strong>Universal Credit <\/strong><\/a>by 6.7 per cent in April 2024, in line with September 2023 inflation rate<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How do you feel about the latest budget announcement? Comment below or head over to our social channels to join the conversation. <\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-small-business-news\">Small business news <\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/general\/what-a-new-government-means-for-small-business\/\" data-type=\"knowledge\" data-id=\"22526\" >When is the next general election? <\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/allowances\/self-employed-pension-guide\/\" data-type=\"knowledge\" data-id=\"1512\" >Self-employed pension guide \u2013 how and why to get saving<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/knowledge\/business-structure\/current-bank-of-england-base-rate-for-businesses\/\" data-type=\"knowledge\" data-id=\"1374\" >How does the current Bank of England base rate affect businesses?<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"\/business-insurance\/\" data-type=\"page\" data-id=\"5152\" >What is business insurance?<\/a><\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div id=\"nba-upsell-001\" class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-94e519ba wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--80);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--80);padding-left:var(--wp--preset--spacing--40)\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-looking-for-self-employed-insurance\">Looking for self-employed insurance?<\/h3>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">With Simply Business you can build a single <a href=\"\/business-insurance\/self-employed-insurance\/\">self employed insurance<\/a> policy combining the covers that are relevant to you. Whether it&#8217;s <a href=\"\/business-insurance\/public-liability-insurance\/\">public liability insurance<\/a>, <a href=\"\/business-insurance\/professional-indemnity-insurance\/\">professional indemnity<\/a> or whatever else you need, we&#8217;ll run you a quick quote online, and let you decide if we&#8217;re a good fit.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/quote.simplybusiness.co.uk\/business\">Start your quote<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n<p class=\"wp-block-paragraph\"><em>Photograph: Photocreo Bednarek\/stock.adobe.com<\/em><\/p>\n<div id=\"nba-body-end\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>From business tax cuts to the living wage, here\u2019s what Chancellor Jeremy Hunt delivered in his mini-budget for small businesses and the self-employed.<\/p>\n","protected":false},"author":3,"featured_media":26284,"comment_status":"open","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_reviewed_by":"","sb_review_date":"","sb_enable_content_gating":true,"footnotes":""},"categories":[110],"hidden-category":[],"coauthors":[25],"class_list":["post-1327","knowledge","type-knowledge","status-publish","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Autumn Statement 2023: what it means for small businesses<\/title>\n<meta name=\"description\" content=\"From business tax cuts to the living wage, here\u2019s what Chancellor Jeremy Hunt delivered in his mini-budget for small businesses and the self-employed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/business-news\/autumn-statement-2023-what-it-means-for-small-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Autumn Statement 2023 \u2013 what it means for small businesses\" \/>\n<meta property=\"og:description\" content=\"Find out what the Chancellor\u2019s latest fiscal statement means for small businesses.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/business-news\/autumn-statement-2023-what-it-means-for-small-businesses\/\" \/>\n<meta property=\"og:site_name\" content=\"Simply Business UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/simplybusiness\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-22T13:12:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/06\/autumn-statement-2023.png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@simplybusiness\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"7 minutes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data2\" content=\"Catriona Fuller\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/business-news\/autumn-statement-2023-what-it-means-for-small-businesses\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/business-news\/autumn-statement-2023-what-it-means-for-small-businesses\/\"},\"author\":{\"@type\":\"Person\",\"name\":\"Catriona Fuller\",\"description\":\"Catriona Fuller is a content and marketing professional with 12 years\u2019 experience across the financial services, higher education, and insurance sectors. 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