What the Autumn Budget means for your business
The 2024 Autumn Budget brings several changes aimed at balancing the UK’s finances and encouraging growth in key areas.
From tax reliefs to new environmental policies, here’s what mid-sized businesses need to know to make the most of these updates. Read the full Budget here.
Corporation tax relief and investment incentives
The government has capped the corporation tax rate at 25%, giving businesses certainty about what they’ll owe. Another big addition is the permanent Full Capital Expensing Scheme, which allows companies to fully write off costs of qualifying assets—like new machinery or technology—in the same year. This can be especially useful for companies planning upgrades or expansions.
- Manufacturers can use this relief to offset costs of new equipment or production technology, making big purchases more affordable.
- Distributors and retailers might find this helpful when upgrading logistics or warehouse tech to handle inventory better and reduce costs.
Key consideration: Businesses should plan any big equipment purchases to take advantage of these tax breaks and save money in the long run.
To see how warehousing innovations can increase efficiency and offset operational costs, check out our insights on “Warehousing trends for 2025,” covering tech developments and sustainable strategies for the modern warehouse.
Fuel duty and green initiatives
Fuel duty has been increased, which impacts any business that relies heavily on transportation. To balance this, the Budget also includes incentives for businesses adopting greener practices, especially those investing in fuel-efficient or electric vehicles.
- Wholesalers and distributors will see higher fuel costs but may offset these by investing in energy-efficient vehicles or optimising delivery routes.
- Manufacturers with energy-intensive processes can consider energy-efficient machinery, which is eligible for new green incentives.
Key consideration: Now is a good time to assess fuel usage and look into sustainable upgrades, as they could reduce future costs and align with environmental goals.
Changes to capital gains and inheritance tax
The Budget introduces stricter capital gains and inheritance tax rules, especially around business assets. If your business holds valuable property or equipment, these changes may affect your tax planning and how you pass on assets in the future.
- Businesses with high-value assets, such as commercial properties or expensive machinery, may see an increase in tax obligations when selling or transferring assets.
- Family-owned companies may face higher taxes when passing the business down through inheritance, as exemptions have been reduced.
Key consideration: If your business relies on high-value assets or succession planning, now’s the time to review these plans to minimise future tax impact.
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Workforce and pension adjustments
The government has tweaked pension tax relief, which could impact benefit plans for employees. While the exact details affect high earners the most, it’s worth noting for businesses that offer pensions as a key part of their benefits.
- Manufacturers and distributors that rely on a skilled workforce may need to review pension offerings to stay competitive in the job market.
- Retailers with limited benefit packages may need to rethink offerings to stay tax-efficient while retaining staff.
Key consideration: Check your pension schemes to ensure they align with the latest rules and still support employee satisfaction.
Navigating the changes
With these new policies in place, it’s an ideal time to review and refine your business strategies, whether that means optimising tax efficiency, making eco-friendly upgrades, or preparing for long-term asset planning. Navigating these changes can feel complex, but the right tools make it manageable.
Orderwise provides the support your business needs to adapt smoothly—helping with everything from capital investment planning and tax compliance to streamlined logistics and workforce management. Get in touch with one of our experts to explore how Orderwise can partner with your business to tackle the challenges ahead with confidence and efficiency.