Autumn Statement 22: How will you be affected as a small business?

A round up of the key takeaways from today for small advice firms

clock • 2 min read

Business owners who pay themselves a small salary and then take dividends as payments will be hit by the reduction in dividend allowances over the next two years, as announced in the Autumn Statement.

Chancellor Jeremy Hunt today (17 November) confirmed the move, which will have notable impacts on how small advice business owners choose to manage their finances. Canada Life said the statement makes "miserable reading" for owners of small businesses and employers. It explained changes outlined in the statement meant they would pay more tax personally - plus this could be at a higher rate, especially for those taking income of more than £125,140 from next tax year. "This reduction in the dividend allowance combined with an increase in corporation tax will mean less money for business...

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