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
ACCA-Guide-to-Autumn-Budget-2024 Download
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.
