Wokingham Borough Connect
 How the Budget will affect your business
sThe government has delivered its 2024 Budget, and it's crucial for business owners to understand its implications for their operations and financial planning. Here's are some of the key notes:
National Insurance (from April 2025)
- Employers' National Insurance contributions will rise by 1.2 per cent to 15 per cent
- Threshold at which employers start to pay national insurance contributions will drop to £5,000 from £9,100
- Employment Allowance will increase from £5,000 to £10,500 and the current cap of £100,000 will be removed
National Minimum Wage (from April 2025)
- National Living Wage will be £12.21 per hour for employees aged 21 and over
- National Minimum Wage will be £10 for those aged 18 to 20 years old, and
- £7.55 for 16 to 17 year olds and apprentices
Business Asset Disposal Relief (Entrepreneurs Relief)
- Capital gains tax payable on the first £1 million in a lifetime from the disposal of a qualifying business will remain at 10 per cent this year, before rising to 14 per cent in April 2025, and 18 per cent from April 2026
Capital Gains Tax (from 30 October)
- Rate of capital gains tax on disposal of assets other than residential property will increase from 10 per cent to 18 per cent for basic rate taxpayers and from 18 per cent to 24 per cent for higher rate taxpayers
Business rates
- Small business multiplier will be frozen for the 2025/26 tax year
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Retail, Hospitality and Leisure (RHL) Relief - properties that qualify will receive 40 per cent relief on their bills, up to a cash cap of £110,000 per business from 2025/26 tax year, a cut to the current 75 per cent relief
VAT
- No change to the rates and thresholds, but there will be an introduction of 20 per cent VAT on private education, which will come into effect from 1 January 2025
 ......Updates on Corporation Tax
Alongside the Budget, the government has published a Corporate Tax Roadmap, setting out the government’s plans, including commitments to key features of the system:
- Capping the headline rate of Corporation Tax at 25 per cent for the duration of parliament
- Retaining the small profits rate and marginal relief at current rates and thresholds
- Maintaining capital allowances system, including permanent full expensing and the £1 million annual investment allowance
- Maintaining the R&D reliefs
- Working collaboratively with companies on simplification and improving user experience, including HMRC’s path forward on digitisation
- Developing a new process for increasing the tax certainty available in advance for major investments
Over the coming months, we will keep you up to date with further development and highlight any opportunities for funding and growth. In the meantime, you can view the full Autumn Budget online.
Free webinar
If you would like to have your say and find out more about how the government supports small businesses, join the free webinar on Wednesday 13 November, when you can engage directly with Gareth Thomas MP, the Minister for Services, Small Businesses and Exports.
Find out more and register on the Enterprise Nation website.
 New plan shows the borough means business
We’re moving ahead with the final draft of our new local plan, which sets out how the borough should grow and develop to the year 2040.
It identifies suitable sites for housing and other types of development - including employment land, with proposals including extensions to our core employment areas at Thames Valley Science Park, near Shinfield, and the Hogwood Farm industrial estate near Arborfield Green.
The plan also recognises the importance of the University of Reading's Whiteknights Campus and has policies to support its development in partnership with the university and Reading Borough Council.
More generally, it supports the sustainable growth of office and industrial space to meet our local economy's needs, including an appropriate level of improvement and upgrading of existing sites and premises.
All forms of development, including commercial or industrial, would have to be zero-carbon – or as close as possible where this is not feasible. This supports our efforts to do all we can to combat the climate emergency.
Visit our Engage Wokingham Borough page for detailed information about the local plan, the role it will play in our future and the steps we’re taking to make it a reality. Public comment closes on Wednesday 13 November.
 Fresh approach to shopping in town
A new independent baby and children’s clothing store, Pops & Flo, has recently opened its doors on Denmark Street in Wokingham.
The store is owned and operated by Stephanie Sandys, a local mother of two, who named the store after her daughters. Pops & Flo offers a range of children’s clothing from newborn to six years old.
Steph, who was born and raised in Wokingham, is thrilled to contribute to her hometown by opening her own store. “Raising my two daughters here makes it even more special to have a shop named after them. I want to see my town thrive,” she said.
She added, “I always felt there was a gap in the market and in Wokingham for neutral yet affordable children’s clothing.”
Steph aims to ensure that Pops & Flo reflects the dynamic and vibrant atmosphere of the town centre. “We have such a lively town centre these days, and I want Pops & Flo to be an extension of that. I envision it as a place where people can enjoy an experiential shopping experience for their little ones,” she explained.
 Praises for outstanding customer experience
A local business has been recognised for their outstanding customer services in an industry award.
Roy Wood Transits, an independent transit and electric van specialist based in Winnersh, has been honoured with the 2024 Auto Trader Customer Experience Award. The company was also named the runner-up for the Retailer of the Year Award.
Steve Wood, Managing Director, expressed his delight at the recognition. “These awards, alongside the previous ones, are a testament to our pride in everything we do. While vans and trucks, including EV vans, are at the heart of our commercial sales and aftersales, it’s our campers and wheelchair accessible vehicle sales and aftersales that are the most rewarding. We can make such a positive difference to customers' lives and help open up their dreams and opportunities with life-changing vehicles,” he said.
With nearly 55 years of trading and spanning two generations, the family business supports many local businesses with vans, trucks and tippers. Also, local authorities use bespoke trucks designed and built by the company to remove graffiti, among other specialist industry-converted vehicles.
 R Young Gallery celebrates third anniversary
The R Young Gallery in Wokingham town has just celebrated its third anniversary with a special event attended by the Borough Mayor, the Town Mayor, artists, customers and friends.
Event artist Lisa Wendt conducted a live painting session and auctioned the piece for £175 in aid of The Link Visiting Scheme's Christmas appeal. The cost of framing the painting was also donated. To support the charity, Richard Young, the gallery owner, will also host an art class at Kings Church on 28 November.
At the event, Richard expressed pride in the gallery’s quality, value and community engagement. He also thanked the artists, patrons and supporters for being part of the journey.
 Wokingham Positive Difference+
Date and Time: 22 November, 8am
Hosted by: WPD+
FORE Business Wokingham - Golf & Networking
Date and Time: 7 November, 8.30am
Hosted by: Fore Business
Wokingham Speakers
Date and Time: first and third Tuesday of the month, 7.30pm
Hosted by: Wokingham Speakers (Toastmasters)
Woodley Business Club (networking)
Date and Time: 12 November, 8am
Hosted by: Woodley Business Club
Wokingham - People, Planet, Pint
Date and Time: 5 December, 6pm
Hosted by: Small99
Wokingham WIBN - Women's Business Networking
Date and Time: Thursday afternoon group: 12pm to 2pm, second Thursday of the month; Friday morning group: 9.30am to 11.30am, second Friday of the month
Hosted by: Wokingham Women in Business Network
Other events you may be interested in
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