Autumn Budget 2024

Here are the important points that we feel may affect you & your business from yesterday’s budget:

·         Employers national insurance will increase from 13.8% to 15% from April 2025 & the earnings threshold for paying employers NI will reduce to £5,000 per employee

·         The Employment Allowance support for employers will be increased from £5,000 to £10,500 per year & the £100,000 eligibility threshold will be removed

·         National minimum wage for over 21’s will increase to £12.21 per hour, equivalent to £1,400 a year for a full time worker

·         Personal tax thresholds will continue to be frozen until 2028/29

·         Capital gains tax will increase to 18% at the lower rate & 24% at the higher rate. However the current rates will remain on the sale of second homes & the stamp duty when buying second homes will go up to 5%

·         The threshold on inheritance tax has been frozen until 2030, with £325,000 inherited continuing to be tax free. The nil rate band on inheritance tax for private residences will remain frozen for this time too

·         Business rates for retail, hospitality & leisure businesses will be lowered from 2026/27. Until then, they will receive 40% relief on business rates upto a cap of £110,000

If you have any queries, please get in touch with us, on 01530 414 285.