Autumn Budget 2024: A Summary

The Chancellor has unveiled a significant Autumn Budget for 2024, outlining reforms to tax systems, public spending, and tax increases, including Employers’ NIC.

Key Tax Changes

Income Tax: Rates and thresholds remain largely unchanged for 2024/25 and 2025/26.

National Insurance: Employer NIC rates will increase, and the threshold for employer NICs will decrease.

Corporation Tax: The government maintains its commitment to a 25% headline rate, full expensing, and other key business incentives.

Capital Gains Tax: Rates will increase, and there will be stricter rules for agricultural and business property relief.

Inheritance Tax: Thresholds are frozen until 2030, and unused pension funds will be included in estates.

Stamp Duty Land Tax: The Higher Rates for Additional Dwellings surcharge will increase.

Other Significant Measures

Making Tax Digital: Extended to sole traders and landlords with income over £20,000.

Business Rates: Small business rates relief remains frozen, but there are plans for lower rates for high street retail, hospitality, and leisure properties.

FHL Regime: The Furnished Holiday Lettings tax regime will be abolished.

Company Cars: Tax rates for company cars will increase over the next few years.

For more detailed information and specific implications, read more below

At RDG Accounting, we’re here to support you through these changes. Contact us to discuss your specific needs and explore how we can assist you.

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